B. Riley downgraded Redwire to Neutral from Buy with a price target of $9.50, up from $8. The firm sees limited near-term upside with the shares up 78% since its upgrade to Buy on August 8. However, Redwire continues to rapidly grow its opportunity set of potential future awards, with the company now bidding on a number of $100M-plus programs, any of which could, if awarded, lead to a substantial increase in backlog going forward, the analyst tells investors in a research note. Riley cites valuation for the downgrade.