Space economy+national security dual engine, Bank of America has set a target price of $50 and is optimistic about Voyager (VOYG.US) potential

The Zhitong Finance App learned that Bank of America Securities officially launched stock coverage of Voyager Technologies (VOYG.US) on Monday and gave it a “buy” rating. Analyst Ronald Epstein emphasized in a research report released on July 7 that this defense technology company has shown unique investment value by deeply participating in national security projects and space economy opportunities.

According to the report, Voyager's core business covers advanced guidance, navigation and control systems, and is deeply involved in a number of key defense and space programs. Epstein believes that the highlight of its investment is to simultaneously grasp the two main lines of “strongly supported national security projects” and “space economy incremental space,” and superimposing the potential benefits brought by interplanetary laboratory projects and mergers and acquisitions strategies. The low-Earth orbit commercial space station program led by Interstellar Laboratory Space, a joint venture between Voyager and Airbus, is seen as an important candidate to fill the gap in the market after the decommissioning of the International Space Station.

In the defense sector, Voyager's participation in the next-generation interceptor (NGI) missile defense program is seen as a key growth engine. According to Epstein's analysis, the company's technical accumulation in the NGI project will not only support its current performance, but will also create conditions for it to obtain upgrade orders for existing missile systems such as SM-3, THAAD, and PAC-3. The company's strategic path to obtaining core projects through mergers and acquisitions has also been recognized, and the report believes this will continue to expand its business boundaries.

In terms of the layout of the space economy, Voyager's ability to supply hardware and software in the “Golden Dome” national security architecture was highlighted. At the traditional business level, the company has provided communication, guidance, and ISR systems for tasks such as Earth observation and threat detection; in emerging fields, it has built national security technology bridges through cooperation with Palantir (PLTR.US) and Nvidia (NVDA.US) through projects such as TALIX. The interplanetary laboratory space station program has been given even more strategic value. Epstein predicts that the joint venture project may generate more than 3 billion US dollars in revenue by 2032, while also opening up new markets such as microgravity research and manufacturing.

Despite being optimistic, the report also suggests multiple risks: Voyager's current profitability lags behind its defense technology peers, and adjusted EBITDA is expected to remain negative until 2028; about 63% of voting power is concentrated on the shareholding structure in the hands of the founders, leading to uncertainty about corporate governance. Epstein admits that although terminal market exposure and core technology are attractive, investment still requires high risk.

Bank of America has set a target price of $50 for Voyager, which has significant upside compared to the current stock price. The valuation is based on a 14x corporate value/sales ratio expected in 2026, which although slightly above the industry average, analysts believe is in line with the strategic value of its project portfolio.

As of press release, Voyager's US stock price, which was just listed last month, was reported at $39.26 at night. The report concluded that despite the risk of volatility, the SMID Cap defense technology company is still scarce in the high growth circuit and will continue to attract investors' attention.