Wall Street begins coverage on Voyager Technologies after June IPO

Investing.com -- Wall Street analysts have launched coverage on space and defense firm Voyager Technologies Inc (NYSE:VOYG) following its initial public offering (IPO) last month, with a mix of bullish and more neutral views on the stock.

Jefferies initiated with a Buy rating and a $50 price target, noting that the company’s "core sales compound annual growth rate (CAGR) of 26% to 2030" is driven by franchise missile programs and space-based hardware and software.

The broker values the core business at $22 per share and assigns a risk-adjusted $28 per share to Starlab, Voyager’s joint venture aiming to succeed the International Space Station.

Analysts led by Sheila Kahyaoglu forecast Starlab to generate $2.5 billion in revenue by 2030, with expectations for annual revenue to exceed $4 billion beyond 2040, supported by free cash flow margins of approximately 50%.

KeyBanc also started at Overweight with a $50 target, arguing that Voyager is “well-positioned to capitalize on the fast-growing space and defense markets” and has “intriguing long-term optionality with its slated investments.”

The firm cited near-term uniqueness in propulsion technology and key partnerships, including with Palantir (NASDAQ:PLTR), as strengths. KeyBanc described Starlab as a potential upside driver but noted the award process and execution risks.

Meanwhile, Barclays (LON:BARC) took a more neutral stance, initiating at Equal Weight with a $45 price target. The bank acknowledged the company’s "large pipeline of opportunities that we forecast will drive a rapid rate of growth," but pointed out that Voyager is “trading at a premium to most of its peers.”

It highlighted a base business growth forecast of ~25% CAGR to $600 million by 2030, alongside optionality from the Starlab program, which could deliver $3–4 billion in annual revenue in the next decade.

Morgan Stanley also began Voyager coverage at Equal Weight with a $46 price target, saying the stock reflects “balanced risk-reward at current levels.”

The Wall Street firm noted that “Starlab reflects a potential gamechanger for Voyager’s long-term earnings profile,” but stressed that the effort “is not without risk.”

“With VOYG up ~37% since its mid-June IPO, we see balanced risk-reward at these levels,” Morgan Stanley’s team wrote.

Voyager Technologies raised $382.8 million in its U.S. IPO in June, pricing 12.35 million shares at $31 each—above the marketed range of $26 to $29. The offering included both company-issued and investor-sold shares.

The stock is currently trading at $42.35, down 25% from its closing price on the day it began trading.