Morgan Stanley analyst Kristine Liwag maintained a Hold rating on Voyager Technologies, Inc. Class A today and set a price target of $39.00.
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Kristine Liwag has given his Hold rating due to a combination of factors, including Voyager Technologies’ solid positioning in high-priority defense programs such as Golden Dome, missile replenishment efforts, and the company’s new participation in space-based interceptor initiatives. These wins, along with incremental orders from major defense contractors, support a constructive long-term narrative but do not yet justify a more bullish stance given the current forecast profile.
At the same time, Liwag highlights meaningful uncertainty around the Starlab opportunity, as the ultimate scope and structure of NASA’s commercial low-Earth orbit program could still evolve, warranting a probability discount to its valuation. With updated projections showing slightly higher revenue but also increased EBITDA burn before anticipated positive cash generation in 2028, she views the risk‑reward as balanced, maintaining an Equal Weight recommendation and a steady $39 price target.