Sky Harbour Group (SKYH) Receives a Buy from Noble FinancialWe are modestly lowering our Q4 and 2026 estimates to reflect the updated timing of lease commencements while the long-term earnings power tied to the existing ground lease portfolio remains unchanged. Our 2026 outlook still reflects a meaningful step-up in revenue as campuses scale, detailed later in this report. Attractive valuation. We reiterate our Outperform rating and $23 price target (implying approximately $2.1B equity value). Our framework assumes roughly 15% annual FCFE growth from 2027–2045, reflecting the scalability of the leasing model, the favorable economics of tax-advantaged financing, and the conversion of a growing portfolio of long- term leases into operating campuses.