Firefly Aerospace surges after Q3 beat, Deutsche Bank upgrade

Firefly Aerospace FLY.O shares jump 16.8% to $21.39 on Thurs after qrtrly results beat analysts' expectations, and Deutsche Bank turns bullish

Cedar Park, Texas-based space and defense tech firm late Weds posted Q3 rev of $30.8 mln, up from $22.7 mln a year ago, and adj loss/sh of 33 cents

Analysts had modeled $27.7 mln in rev and 41 cents/sh loss, per LSEG data

FLY said it expects 2025 rev of $150-$158 mln, above consensus view of ~$136 mln

Deutsche Bank upgraded rating to 'buy' from 'hold', and cut PT by $10 to $30

With Alpha first stage engine issue remedied, Deutsche Bank says there's now better visibility into Flight 7, which is expected to launch later this year or early 2026

"This will be a clear catalyst for the stock and can change the narrative around Firefly quickly," brokerage said

FLY last week closed its $855 mln acquisition of national security tech co SciTec

FLY shares debuted at $70 on Aug 7 after IPO priced at $45. Stock on Weds fell >4% to post-listing low of $18.31

4 of 7 brokerages rate FLY "strong buy" or "buy", 3 rate "hold"; median PT is $52 - LSEG