Gautam Khanna, an analyst from TD Cowen, has initiated a new Buy rating on Voyager Technologies, Inc. Class A (VOYG).
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Gautam Khanna has given his Buy rating due to a combination of factors that highlight Voyager’s differentiated growth prospects and strategic positioning. He emphasizes the company’s majority stake in Starlab, a next-generation commercial space station that could succeed the ISS and, if executed well, generate substantial free cash flow over the longer term, while its emerging role in solid rocket motor technologies positions it to benefit from strong missile demand and constrained industry supply.
At the same time, he acknowledges near-term EBITDA and FCF losses but argues that Voyager’s sizable cash balance should comfortably fund its investment phase and selective M&A. His $35 price target is supported by a sum-of-the-parts valuation that assigns material value to both Starlab and the core defense franchise, and he sees additional upside from upcoming program milestones and contract wins that could catalyze investor sentiment despite short-term margin volatility.
In another report released on March 30, Citi also initiated coverage with a Buy rating on the stock with a $36.00 price target.