JPMorgan initiated coverage on Firefly Aerospace Inc. (NYSE:FLY) with an Overweight rating and a price target of $55, citing strong growth prospects in launch services and spacecraft manufacturing.
The firm said Firefly was one of only two U.S.-based providers in the small-launch market and was developing a medium-lift rocket to address rising satellite launch demand. In spacecraft, Firefly’s Blue Ghost lunar lander achieved the first fully successful commercial moon landing, while its Elytra platform was expected to see strong demand for military missions.
Although Firefly’s sales base was small, JPMorgan projected rapid growth, with revenues potentially increasing ninefold from 2025 to 2028. The analysts forecast positive cash flow in 2026 and adjusted EBITDA profitability by 2027.
