J.P. Morgan upgraded its rating of Maxar Technologies to overweight on Thursday, saying it expects the space stock to climb 40% in the year ahead.

“The stock has been caught up in market turbulence around an equity offering last week and is now more attractive following the pullback,” J.P. Morgan analyst Seth Seifman wrote in a note to investors.

Maxar shares rose more than 3% in premarket trading on Thursday, from its previous close of $33.64 a share. The stock has fallen about 13% since the year began, but has nearly tripled in the past twelve months.