Balanced Hold Rating on Mixed Near-Term Results but Improving Medium-Term Growth Outlook

Analyst Kristine Liwag from Morgan Stanley maintained a Hold rating on Voyager Technologies, Inc. Class A and keeping the price target at $39.00.

Kristine Liwag has given his Hold rating due to a combination of factors, including quarterly results that came in slightly weaker than expected on both revenue and EBITDA despite solid operating cash flow performance. While Defense & National Security and Space Solutions revenues were roughly in line with internal forecasts, the modest top-line miss and continued EBITDA burn temper near-term upside potential.

At the same time, management’s increased 2026 sales outlook, supported by a growing backlog and contributions from multiple 2025 acquisitions, points to attractive medium-term growth. Additional positives include progress at Starlab, which achieved several NASA milestones and generated related cash receipts, but execution risk around integrating acquisitions, delivering on the higher guidance range, and capital needs for growth justify maintaining a balanced, Hold stance rather than a more aggressive rating.

In another report released today, TipRanks – xAI also reiterated a Hold rating on the stock with a $25.00 price target.

VOYG’s price has also changed slightly for the past six months – from $28.600 to $26.640, which is a -6.85% drop .