Space economy + national security dual engines, the Bank of America sets a target price of $50 and sees great potential in Voyager(VOYG.US).

Bank of America Corp officially initiated 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 7th that this defense technology company has unique investment value due to its deep involvement in national security projects and space economy opportunities. The report pointed out that Voyager's core business includes advanced guidance, navigation, and control systems, and it is deeply involved in multiple key defense and space programs. Epstein believes that the investment highlights lie in simultaneously grasping the "strongly supported national security projects" and the "incremental space economy space" storylines, along with the potential benefits brought by the interstellar laboratory project and merger strategies. The low Earth orbit commercial space station plan led by Voyager and Airbus's joint venture space company Interstellar Laboratories is seen as a major candidate for filling the market gap after the retirement of the International Space Station. In the defense field, Voyager's involvement in the Next Generation Interceptor (NGI) missile defense program is seen as a key growth engine. Epstein's analysis suggests that the company's technology accumulation in the NGI project not only supports current performance but will also create conditions for it to compete for upgrade orders for existing missile systems such as SM-3, THAAD, PAC-3. The strategic pathway of acquiring core projects through mergers is also recognized, and the report believes this will continue to expand its business boundaries. In terms of the space economy layout, Voyager's hardware and software supply capabilities in the "Blue Sky" national security architecture are 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 areas, collaboration with Palantir, NVIDIA Corporation, and projects like TALIX have built a national security technology bridge. The strategic value of the interstellar laboratory space station plan is predicted by Epstein to potentially generate over $3 billion in revenue by 2032, while also opening up new markets like microgravity research and manufacturing. Despite the positive outlook, the report also highlights multiple risks: Voyager's current profitability lags behind its peers in the defense technology industry, and the adjusted EBITDA is still projected to be negative until 2028; approximately 63% of the voting rights are concentrated in the hands of the founder, leading to governance uncertainties. Epstein admits that although the exposure in end markets and core technology are attractive, investments still carry high risks. Bank of America Corp has set a target price of $50 for Voyager, indicating significant upside potential from the current stock price. This valuation is based on a 14x Enterprise Value/Sales ratio expected for 2026, slightly higher than the industry average, but analysts believe it aligns with the strategic value of its project portfolio. As of the time of writing, Voyager's stock price in after-hours trading was $39.26, just a month after its initial public offering. The report concludes that despite fluctuation risks, this SMID Cap defense technology company remains scarce in the high-growth track and will continue to attract investor attention.