FireFly Aerospace price target lowered to $27 from $52 at Morgan Stanley

Morgan Stanley lowered the firm’s price target on FireFly Aerospace (FLY) to $27 from $52 and keeps an Equal Weight rating on the shares. With the stock trading about 49% below its August IPO price of $45, the firm is “not surprised by the market’s warm reaction” to what it calls “solid” Q3 results. However, given’s FireFly’s more limited successful launch track record and more recent Alpha mishaps, the firm expects shares to trade at a steeper discount to Space launch peer Rocket Lab (RKLB) and closer to Space infrastructure and exploration peers until FireFly re-establishes its footing with Alpha, the analyst tells investors.