BUZZ-J.P. Morgan cuts PT for Firefly Aerospace amid launch delays

Reuters11-25

** J.P. Morgan cuts PT of space and defense technology company Firefly Aerospace FLY.O to $28 from $55 on slower launch ramp

** Firefly shares rise ~1.13% to $17.05 premarket

** Brokerage cites underperformance since IPO amid delays in Alpha rocket launches and volatile market sentiment

** J.P. Morgan expects Firefly to resume Alpha flights in Q1 of 2026; brokerage now expects four launches in 2026, eight in 2027 and 12 in 2028

** FLY's SciTec acquisition expands its Golden Dome opportunity, but the DoD's push for companies to fund development of their space-based interceptors delays revenue visibility, the brokerage says

** Brokerage's PT still represents a ~66.1% upside to stock's last close

** As of last close, stock down ~62.5% from the $45 offer price in its August IPO

(Reporting by Prakhar Srivastava in Bengaluru)

((Prakhar.srivastava2@thomsonreuters.com))

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Morgan expects Firefly to resume Alpha flights in Q1 of 2026; brokerage now expects four launches in 2026, eight in 2027 and 12 in 2028** FLY's SciTec acquisition expands its Golden Dome opportunity, but the DoD's push for companies to fund development of their space-based interceptors delays revenue visibility, the brokerage says** Brokerage's PT still represents a ~66.1% upside to stock's last close** As of last close, stock down ~62.5% from the $45 offer price in its August IPO  (Reporting by Prakhar Srivastava in Bengaluru) ((Prakhar.srivastava2@thomsonreuters.com))","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"shareholding","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":1,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.35.9","shortVersion":"4.35.9","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2586766724","isCrawlerRequest":true}