Investment bank Cantor Fitzgerald, in a report on New Zealand and Long Beach-based Rocket Lab, has raised its price target from $29 to $35.

Cantor Fitzgerald analyst Andres Sheppard raised the firm’s price target on the NASDAQ index and keeps an Overweight rating on the shares after hosting meetings with management.

The firm sees Rocket Lab’s track record of successful space launches, its portfolio of three different rocket types and dedicated launchpads in New Zealand and the US as “significant moats.”

Rocket Lab is an end-to-end space company that is best positioned in the industry, and will be a direct beneficiary of the recent President Trump and Elon Musk feud, the analyst tells investors in a research note.

Rocket Lab was formed in 2006 by (now Sir) Peter Beck

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Tags: nasdaq, Rocket Lab