$FLY: KeyBanc upgrades Firefly and set a $50 price target.
The firm cited Firefly’s exposure to NASA’s lunar initiatives, noting its Blue Ghost lander is "the only lander from a commercial space company to achieve a fully successful landing on the Moon."
KeyBanc also pointed to the recent $75 million MoonFall NASA contract award and Firefly’s SciTec missile tracking software, which "tracked ~1,000 missiles in the first 30 days" of the Iran conflict.
KeyBanc believes the sector selloff around SpaceX’s IPO was "unwarranted and largely systematic," driven by funds making room for the new listing rather than any deterioration in fundamentals.
The firm cited accelerating NASA activity, constrained launch supply, and rising defense budgets, including roughly $56 billion for space-based systems in the proposed FY27 defense budget, as durable tailwinds for the sector.