Backlog and Neutron Momentum Put Rocket Lab on a Path to Big Upside

Rocket Lab’s stock has fallen after a Neutron test delay, but a top Wall Street analyst still sees substantial upside: a record $2.36 billion backlog and over $1 billion in new Q3 contracts support a bull case centered on Neutron commercialization, Space Systems growth, and defense wins (Space Force/SDA). With a Street-high target of $150, the implied upside exceeds 2x from current levels near $64, while consensus targets hover around $111; risks include further Neutron delays and dilution.