Firefly Raises B. Riley’s Price Target to $54 and Barclays’ to $35
Key Facts
On November 11, B. Riley raised its price target for Firefly Aerospace to $54 from $40, maintaining its Buy rating, while Barclays raised its target to $35 from $34 and kept its Equal Weight rating. The two revisions followed the company’s third-quarter results, setting out new estimates for the stock after the earnings announcement. The different ratings reflect the firms’ diverging views of the stock: B. Riley stood by its Buy recommendation, while Barclays maintained its neutral rating. The latest closing price available before the revisions was $23.70 on November 10, after $24.31 on November 9. The new targets were therefore above the previous session’s closing price, with a clear gap between the two firms’ estimates.
The financial figures show continued losses, although the quarterly net loss was smaller than a year earlier. Net loss was $94.198 million in the third quarter of 2026, compared with a loss of $133.412 million in the corresponding quarter of 2025, according to the quarterly report filed with the U.S. Securities and Exchange Commission. For the first nine months, revenue reached $309.244 million through September 30, 2026, versus $102.182 million in the same period of 2025. The comparison places cumulative revenue growth alongside an improvement in the year-over-year quarterly loss, while the company remained in the red for the quarter. The financial results provide context for the target revisions without changing the fact that the analysts’ ratings differ.
In trading, Firefly shares closed at $23.70 on November 10, down from $24.31 the previous day. The stock had closed at $17.16 on November 4, $15.18 on November 5, and then $20.76 on November 6. These levels show mixed moves over the cited trading days, before the November 10 close at $23.70. The figures provided do not include a verified percentage move immediately after the results, so the market performance described here is limited to the recorded closing prices and dates. The two price-target revisions were issued on November 11, after the cited close.
On liquidity, cash and cash equivalents totaled $409.285 million on September 30, 2026, compared with $792.966 million on December 31, 2025, according to the quarterly report. The company said it believes cash and cash equivalents and short-term investments, together with its available credit facility, are sufficient to meet its liquidity needs for at least 12 months. The company’s assessment is based on these resources combined, and does not refer only to its cash balance. The estimate was included in its disclosure of liquidity as of September 30. The third-quarter results thus show a smaller quarterly loss than a year earlier, higher cumulative revenue, and a lower cash balance than at the end of 2025.