J.P. Morgan cuts PT for Firefly Aerospace amid launch delays

Firefly Aerospace

25/11/2025 13:48

** J.P. Morgan cuts PT of space and defense technology company Firefly Aerospace FLY.O to $28 from $55 on slower launch ramp

** Firefly shares rise ~1.13% to $17.05 premarket

** Brokerage cites underperformance since IPO amid delays in Alpha rocket launches and volatile market sentiment

** J.P. Morgan expects Firefly to resume Alpha flights in Q1 of 2026; brokerage now expects four launches in 2026, eight in 2027 and 12 in 2028

** FLY's SciTec acquisition expands its Golden Dome opportunity, but the DoD's push for companies to fund development of their space-based interceptors delays revenue visibility, the brokerage says

** Brokerage's PT still represents a ~66.1% upside to stock's last close

** As of last close, stock down ~62.5% from the $45 offer price in its August IPO

 (Reporting by Prakhar Srivastava in Bengaluru)

 ((Prakhar.srivastava2@thomsonreuters.com))