Street View: Brokerages initiate coverage of Firefly citing strong backlog, market potential

** J.P. Morgan, Jefferies and Morgan Stanley initiate coverage of space exploration company Firefly Aerospace FFLY with "overweight," "buy" and "equal rate" ratings respectively

** JPM, which set a $55 price target, notes FLY is one of only two small U.S. launch providers and is developing a medium‑lift rocket, positioning the company to capitalize on growing demand for satellite launches

** Jefferies initiates coverage with $60 PT , valuing FLY at 10.5 times 2027 sales, with upside to $100 at 18 times, in line with Rocket Lab RKLB and SpaceX multiples

** Firefly's product lineup targets U.S. national security and commercial sectors, including lunar exploration. Co holds $1.1 billion backlog; forecasted by Jefferies to more than double sales annually through 2028

** Morgan Stanley initiates coverage with $52 PT, cites balanced risk‑reward

** Firefly has sent two Alpha rockets into orbit and made the first commercial lunar landing with its Blue Ghost craft; Key milestones in 2025-2026 anticipated to influence share volatility — MS

** Brokerage Contor initiates coverage with "Overweight", $65 PT, citing growth potential from launches, lunar landers and space intelligence