BTIG lowered its price target on Voyager Technologies Inc to $50 from $55, maintaining a Buy rating as the stock trades at $23.08, down 17% over the past week.
Voyager Technologies posted record third-quarter revenue of $88.71 million and record bookings of $116 million, up 135% year-over-year. Nearly all bookings came from the legacy Voyager portfolio, excluding Astrobotic. The company delivered 42% revenue growth over the last twelve months.
In third-quarter earnings, Voyager Technologies reported adjusted earnings of negative $0.87 per share, missing the analyst estimate of negative $0.32. Management expects the core business to grow at least 25% organically in 2027, supplemented by $150 million to $200 million of Astrobotic revenue. The company raised its full-year sales outlook.
BTIG cut its price target to reflect a recent valuation reset across space and defense tech peers. Third-quarter results increased visibility into 2027, the firm said. The CLD Phase 2 RFP was released in October, with awards expected in spring. Continued margin improvement is expected to support positive adjusted EBITDA exiting 2027.
Investors monitoring VOYG should track the spring CLD Phase 2 award announcements and 2027 organic growth execution against the 25% target.