Rocket Lab USA (NASDAQ: RKLB) has shed 57% from its peak valuation, yet Wall Street analysts remain broadly optimistic, projecting a 49% upside from current trading levels. Rocket Lab is one of the largest rocket launch companies in operation, providing launch services to both private sector clients and the U.S. government across an expanding mission portfolio. Following the first-quarter results, at least seven analysts raised their price targets on the stock, reflecting renewed confidence in the company’s trajectory despite the broader share price decline. Further bolstering the bullish case, Rocket Lab announced a $397 million contract with the U.S. government, adding a significant and high-profile revenue commitment to its already substantial backlog. With record contract volumes, accelerating revenue growth, a surging backlog, and a major government deal in hand, the underlying business case for Rocket Lab appears intact even as the share price tells a more complicated story.