Voyager Technologies

VOYG · NYSE

$24.26−$0.84 (−3.35%)TodayMarket closed · Oct 20, 4:05 PM ET

Prev close $25.10

VOYG analyst rating

BuyConsensus of 11 analysts over the last 12 months. 82% rate it a buy.

Strong buy0
Buy9
Hold0
Underperform2
Sell0

12-month price target · 13 analysts

Average $47.94 (+97.6% upside)

Low: $21.21
Now: $24.26
High: $68.25

Upgrades and downgrades

The latest rating actions, newest first

VOYG analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Morgan Stanley	Oct 19, 2026	Maintains	Underweight	$37.00 → $36.00	61%
TD Cowen	Oct 9, 2026	Maintains	Buy	$42.00 → $36.00	63%
Citigroup	Aug 13, 2026	Maintains	Buy	$44.00 → $54.00	27%
Morgan Stanley	Jul 15, 2026	Downgrade	Equal-Weight → Underweight	$39.00	61%
Wedbush	Jul 1, 2026	Maintains	Outperform	$60.00 → $46.00	0%
BTIG	Jun 11, 2026	Initiates	Buy	$55.00	32%
Wedbush	Jun 3, 2026	Maintains	Outperform	$60.00	64%
Jefferies	Jun 1, 2026	Maintains	Buy	$40.00 → $60.00	55%
Wedbush	May 29, 2026	Maintains	Outperform	$46.00 → $60.00	64%
Citigroup	May 18, 2026	Maintains	Buy	$36.00 → $44.00	27%

The case for and against

Updated Oct 14, 2026

Bull case

Voyager Technologies is favorably positioned because its defense business is gaining real traction in Golden Dome, NGI, and SM-3, with 1Q26 bookings of about $45 million, backlog at a record roughly $275 million, and a qualified pipeline above $5 billion, including more than $1 billion each for NGI and Golden Dome. Its balance sheet and operating path also support the bull case, as FY26 revenue guidance was raised to $230-$255 million, total liquidity reached $641 million, and management expects positive EBITDA exiting 2027 and free cash flow in 2028, excluding Starlab. Beyond defense, the Starlab and Astrobotic optionality expands exposure to NASA’s lunar and commercial LEO priorities, while a 150,000 sq. ft. defense manufacturing complex and a broad M&A pipeline of over 50 targets strengthen long-term scale and supply-chain control.

Bear case

Voyager Technologies is facing a negative setup because its business mix remains exposed to civil space just as NASA funding has declined 32% since the end of the Cold War and the FY27 request falls to $18.8bn, with CLD only 2% of the budget and Space Operations just 16%. At the same time, policy is tilting toward defense space, where requested funding has grown at a 22% CAGR since FY18, leaving Voyager’s NASA-linked programs comparatively weaker and potentially a hurdle for the company. Although Starlab is projected to become a major driver with about $4bn in sales and ~$1.5bn in FCF at run-rate, its late 2029/early 2030 launch and initially dilutive ~20% gross margins delay meaningful contribution and increase execution risk.

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