<p>几家航天和国防科技公司的股票在 <strong>KeyBanc Capital Markets</strong> 对该集团启动覆盖后大幅上涨，投资者对乐观的长期增长评论和与国防现代化及不断扩大的商业航天经济相关的新价格预测作出反应。</p>
<p>KeyBanc 分析师 <strong>Michael Leshock</strong> 表示，航天与国防技术可能在未来十年内成为航天与国防领域中增长最强劲的细分市场之一。</p>
<p>他指出，地缘政治紧张局势加剧、全球国防预算上升以及战争形式的快速演变，特别是在无人机、人工智能驱动的系统和 “金色穹顶” 等导弹防御计划方面。</p>
<p><strong><em>另请阅读: Kratos 股票在第三季度业绩公布后下跌，Orbit Technologies 交易宣布</em></strong></p>
<p>Leshock 还预计，航天商业化将扩大对发射服务、月球任务、卫星制造和与国防相关的数据应用的需求。</p>
<p>尽管对该行业的结构性顺风持建设性看法，他强调了选择性的方法，偏好那些具有明确催化剂和持久高优先级市场曝光的公司。</p>
<h2>KeyBanc 的评级和价格预测一览</h2>
<p>KeyBanc 对 <strong>Karman Holdings Inc.</strong> (NYSE: KRMN)、<strong>AeroVironment, Inc.</strong> (NASDAQ: AVAV)、<strong>Kratos Defense  Security Solutions, Inc.</strong> (NASDAQ: KTOS) 和 <strong>Intuitive Machines, Inc</strong>. (NASDAQ: LUNR) 启动了超配评级，同时对 <strong>Firefly Aerospace Inc.</strong> (NASDAQ: FLY) 和 <strong>Redwire Corporation</strong> (NYSE: RDW) 给予了行业权重评级。</p>
<p>该覆盖反映了不同程度的执行风险、估值和对短期项目动能的曝光。</p>
<h2>Karman Holdings: 导弹、火箭和无人机的曝光推动上涨</h2>
<p>Leshock 对 Karman Holdings 启动了 超配 评级，并给出了 80 美元的价格预测，而在启动时股票价格为 64.94 美元。他强调了公司在导弹、火箭和无人机方面的曝光，以及在国防和航天项目中日益增长的角色。</p>
<p>分析师预计，IPO 后的价格发现将支持进一步上涨，估值基于大约 54 倍的 2026E 和 2027E EV/EBITDA。Leshock 表示，溢价倍数反映了 Karman 的高增长特征和有限的公开交易历史。</p>
<p>根据 Benzinga Pro 数据，KRMN 股票在周五出版时上涨了 5.38%，报 71.77 美元。</p>
<h2>AeroVironment: 边际强劲和 BlueHalo 交易支持溢价估值</h2>
<p>KeyBanc 对 AeroVironment 启动了 超配 评级，给出了 285 美元的价格预测，而股票价格为 229.10 美元。Leshock 提到强劲的边际、订单可见性和差异化的国防技术组合是主要驱动因素。</p>
<p>他说，BlueHalo 的收购增加了先进反无人机系统的规模，强化了 AeroVironment 在下一代国防技术中的定位。该股票的交易接近 28 倍的 EV/EBITDA，价格预测暗示大约 34 倍的混合 EV/EBITDA，Leshock 认为这一估值是由持续的执行所支持的。</p>
<p>AVAV 股票最后上涨了 4.30%，报 240.61 美元。</p>
<h2>Kratos Defense: 金色穹顶和高超音速推动增长前景</h2>
<p>Leshock 对 Kratos Defense  Security 启动了 超配 评级，给出了 90 美元的价格预测，而股票价格为 69.77 美元。他指出 Kratos 对金色穹顶、高超音速开发和协作战斗机项目的杠杆作用。</p>
<p>估值大约在 8.5 倍的 2026E 和 2027E 销售额之上，超过历史水平。然而，Leshock 表示，溢价是由向先进国防技术的结构性转变所支持的。</p>
<p>KTOS 股票最后上涨了 4.66%，报 74.73 美元。</p>
<h2>Firefly Aerospace: 早期进展被执行风险抵消</h2>
<p>KeyBanc 对 Firefly Aerospace 给予了 行业权重 评级，平衡了早期航天器的进展与执行和时机风险。Leshock 表示，发射节奏和项目进度仍然是公司关键变量。</p>
<p>Firefly 股票的交易价格约为 5.5 倍的销售额，低于同行的交易范围大约在 5 倍到 15 倍之间。折扣反映了对现金流生成和未来资本需求的不确定性。</p>
<p>FLY 股票上涨了 19.13%，报 23.91 美元。</p>
<h2>Intuitive Machines: 月球领导地位和订单增长受到关注</h2>
<p>Leshock 对 <strong>Intuitive Machines</strong> (NASDAQ: LUNR) 启动了 超配 评级，给出了 20 美元的价格预测，而股票价格为 10.21 美元。他强调了公司在月球服务中的领导地位及其不断扩大的订单。</p>
<p>该股票的交易价格接近 3.4 倍的销售额，价格预测暗示大约 6.3 倍。Leshock 预计运营改善和额外合同的授予将支持长期扩张。</p>
<p>LUNR 股票最后上涨了 32.72%，报 14.40 美元。</p>
<h2>Redwire: 整合和盈利能力执行仍然是关键</h2>
<p>KeyBanc 对 <strong>Redwire Corp</strong> (NYSE: RDW) 进行了覆盖，给予其 行业中性 的评级，指出其在航天和国防市场的广泛曝光。Leshock 表示，Edge Autonomy 的收购增加了规模，但上行空间取决于成功的整合和实现持续盈利。</p>
<p>RDW 股票的交易价格处于 Redwire 历史上 1 倍至 4 倍市销率区间的中间，反映出平衡的风险收益特征。</p>
<p>RDW 股票最新上涨 13.68%，报 $7.980。</p>
<p><strong>接下来阅读：</strong></p>
<ul>
<li><strong><em>嘉年华邮轮的复苏是真实的：创纪录的收益，股息回归，2026 年看起来更大</em></strong></li>
</ul>
<p><em>图片来源于 Shutterstock</em></p>

克瑞拓斯安全防卫

航空环境

LUNR

<p>KeyBanc 资本市场对几家航天和国防科技公司进行了覆盖评级，强调由于地缘政治紧张局势、国防预算增加以及人工智能和无人机的进步，这些公司具有强劲的增长潜力。Karman Holdings、AeroVironment、Kratos Defense 和 Intuitive Machines 获得了增持评级，而 Firefly Aerospace 和 Redwire 则获得了行业权重评级。KeyBanc 的分析师强调了一种选择性的方法，偏好那些具有明确催化剂和持久高优先级市场曝光的公司</p>

<p>Several space and defense technology companies’ stocks moved sharply higher after <strong>KeyBanc Capital Markets</strong> initiated coverage across the group, as investors reacted to bullish long-term growth commentary and newly established price forecasts tied to defense modernization and the expanding commercial space economy.</p>
<div class="lb-trans"><p>几家航天和国防科技公司的股票在 <strong>KeyBanc Capital Markets</strong> 对该集团启动覆盖后大幅上涨，投资者对乐观的长期增长评论和与国防现代化及不断扩大的商业航天经济相关的新价格预测作出反应。</p>
</div><p>KeyBanc analyst <strong>Michael Leshock</strong> said Space &amp; Defense Technology could emerge as one of the strongest growth segments within Aerospace &amp; Defense over the next decade.</p>
<div class="lb-trans"><p>KeyBanc 分析师 <strong>Michael Leshock</strong> 表示，航天与国防技术可能在未来十年内成为航天与国防领域中增长最强劲的细分市场之一。</p>
</div><p>He pointed to elevated geopolitical tensions, rising global defense budgets, and a rapid evolution in warfare, particularly in drones, AI-enabled systems, and missile defense initiatives such as “Golden Dome.”</p>
<div class="lb-trans"><p>他指出，地缘政治紧张局势加剧、全球国防预算上升以及战争形式的快速演变，特别是在无人机、人工智能驱动的系统和 “金色穹顶” 等导弹防御计划方面。</p>
</div><p><strong><em>Also Read: Kratos Stock Falls After Q3 Results, Orbit Technologies Deal Announced</em></strong></p>
<div class="lb-trans"><p><strong><em>另请阅读: Kratos 股票在第三季度业绩公布后下跌，Orbit Technologies 交易宣布</em></strong></p>
</div><p>Leshock also expects the commercialization of space to broaden demand across launch services, lunar missions, satellite manufacturing, and defense-linked data applications.</p>
<div class="lb-trans"><p>Leshock 还预计，航天商业化将扩大对发射服务、月球任务、卫星制造和与国防相关的数据应用的需求。</p>
</div><p>While constructive on the sector’s structural tailwinds, he emphasized a selective approach, favoring companies with clear catalysts and durable exposure to high-priority end markets.</p>
<div class="lb-trans"><p>尽管对该行业的结构性顺风持建设性看法，他强调了选择性的方法，偏好那些具有明确催化剂和持久高优先级市场曝光的公司。</p>
</div><h2>KeyBanc’s Ratings And Price Forecasts At A Glance</h2>
<div class="lb-trans"><h2>KeyBanc 的评级和价格预测一览</h2>
</div><p>KeyBanc initiated Overweight ratings on <strong>Karman Holdings Inc.</strong> (NYSE: KRMN), <strong>AeroVironment, Inc.</strong> (NASDAQ: AVAV), <strong>Kratos Defense &amp; Security Solutions, Inc.</strong> (NASDAQ: KTOS), and <strong>Intuitive Machines, Inc</strong>. (NASDAQ: LUNR), while assigning Sector Weight ratings to <strong>Firefly Aerospace Inc.</strong> (NASDAQ: FLY) and <strong>Redwire Corporation</strong> (NYSE: RDW).</p>
<div class="lb-trans"><p>KeyBanc 对 <strong>Karman Holdings Inc.</strong> (NYSE: KRMN)、<strong>AeroVironment, Inc.</strong> (NASDAQ: AVAV)、<strong>Kratos Defense  Security Solutions, Inc.</strong> (NASDAQ: KTOS) 和 <strong>Intuitive Machines, Inc</strong>. (NASDAQ: LUNR) 启动了超配评级，同时对 <strong>Firefly Aerospace Inc.</strong> (NASDAQ: FLY) 和 <strong>Redwire Corporation</strong> (NYSE: RDW) 给予了行业权重评级。</p>
</div><p>The coverage reflects varying degrees of execution risk, valuation, and exposure to near-term program momentum.</p>
<div class="lb-trans"><p>该覆盖反映了不同程度的执行风险、估值和对短期项目动能的曝光。</p>
</div><h2>Karman Holdings: Missile, Rocket, And Drone Exposure Drives Upside</h2>
<div class="lb-trans"><h2>Karman Holdings: 导弹、火箭和无人机的曝光推动上涨</h2>
</div><p>Leshock initiated coverage of Karman Holdings with an Overweight rating and an $80 price forecast, compared with shares at $64.94 at the time of initiation. He highlighted the company’s exposure to missiles, rockets, and drones, as well as its growing role across both defense and space programs.</p>
<div class="lb-trans"><p>Leshock 对 Karman Holdings 启动了 超配 评级，并给出了 80 美元的价格预测，而在启动时股票价格为 64.94 美元。他强调了公司在导弹、火箭和无人机方面的曝光，以及在国防和航天项目中日益增长的角色。</p>
</div><p>The analyst expects post-IPO price discovery to support further upside, with the valuation based on approximately 54x blended 2026E and 2027E EV/EBITDA. Leshock said the premium multiple reflects Karman’s high-growth profile and limited public trading history.</p>
<div class="lb-trans"><p>分析师预计，IPO 后的价格发现将支持进一步上涨，估值基于大约 54 倍的 2026E 和 2027E EV/EBITDA。Leshock 表示，溢价倍数反映了 Karman 的高增长特征和有限的公开交易历史。</p>
</div><p>KRMN shares were up 5.38% at $71.77 at the time of publication on Friday, according to Benzinga Pro data.</p>
<div class="lb-trans"><p>根据 Benzinga Pro 数据，KRMN 股票在周五出版时上涨了 5.38%，报 71.77 美元。</p>
</div><h2>AeroVironment: Margin Strength And BlueHalo Deal Support Premium Valuation</h2>
<div class="lb-trans"><h2>AeroVironment: 边际强劲和 BlueHalo 交易支持溢价估值</h2>
</div><p>KeyBanc initiated AeroVironment at Overweight with a $285 price forecast, versus shares at $229.10. Leshock cited strong margins, backlog visibility, and a differentiated defense-technology portfolio as key drivers.</p>
<div class="lb-trans"><p>KeyBanc 对 AeroVironment 启动了 超配 评级，给出了 285 美元的价格预测，而股票价格为 229.10 美元。Leshock 提到强劲的边际、订单可见性和差异化的国防技术组合是主要驱动因素。</p>
</div><p>He said the BlueHalo acquisition adds scale in advanced counter-UAS systems, reinforcing AeroVironment’s positioning in next-generation defense technologies. The stock trades near 28x EV/EBITDA, with the price forecast implying roughly 34x blended EV/EBITDA, a valuation Leshock views as justified by consistent execution.</p>
<div class="lb-trans"><p>他说，BlueHalo 的收购增加了先进反无人机系统的规模，强化了 AeroVironment 在下一代国防技术中的定位。该股票的交易接近 28 倍的 EV/EBITDA，价格预测暗示大约 34 倍的混合 EV/EBITDA，Leshock 认为这一估值是由持续的执行所支持的。</p>
</div><p>AVAV shares were last up 4.30% at $240.61.</p>
<div class="lb-trans"><p>AVAV 股票最后上涨了 4.30%，报 240.61 美元。</p>
</div><h2>Kratos Defense: Golden Dome And Hypersonics Fuel Growth Outlook</h2>
<div class="lb-trans"><h2>Kratos Defense: 金色穹顶和高超音速推动增长前景</h2>
</div><p>Leshock initiated Kratos Defense &amp; Security with an Overweight rating and a $90 price forecast, compared with shares at $69.77. He pointed to Kratos’ leverage to Golden Dome, hypersonics development, and collaborative combat aircraft programs.</p>
<div class="lb-trans"><p>Leshock 对 Kratos Defense  Security 启动了 超配 评级，给出了 90 美元的价格预测，而股票价格为 69.77 美元。他指出 Kratos 对金色穹顶、高超音速开发和协作战斗机项目的杠杆作用。</p>
</div><p>The valuation is anchored at roughly 8.5x blended 2026E and 2027E price-to-sales, above historical levels. However, Leshock said the premium is supported by a structural shift toward advanced defense technologies.</p>
<div class="lb-trans"><p>估值大约在 8.5 倍的 2026E 和 2027E 销售额之上，超过历史水平。然而，Leshock 表示，溢价是由向先进国防技术的结构性转变所支持的。</p>
</div><p>KTOS shares were last up 4.66% at $74.73.</p>
<div class="lb-trans"><p>KTOS 股票最后上涨了 4.66%，报 74.73 美元。</p>
</div><h2>Firefly Aerospace: Early Traction Offset By Execution Risk</h2>
<div class="lb-trans"><h2>Firefly Aerospace: 早期进展被执行风险抵消</h2>
</div><p>KeyBanc assigned Firefly Aerospace a Sector Weight rating, balancing early spacecraft traction against execution and timing risks. Leshock said launch cadence and program schedules remain key variables for the company.</p>
<div class="lb-trans"><p>KeyBanc 对 Firefly Aerospace 给予了 行业权重 评级，平衡了早期航天器的进展与执行和时机风险。Leshock 表示，发射节奏和项目进度仍然是公司关键变量。</p>
</div><p>Firefly shares trade around 5.5x price-to-sales, below peers trading in a range of roughly 5x to 15x. The discount reflects uncertainty around cash flow generation and future capital requirements.</p>
<div class="lb-trans"><p>Firefly 股票的交易价格约为 5.5 倍的销售额，低于同行的交易范围大约在 5 倍到 15 倍之间。折扣反映了对现金流生成和未来资本需求的不确定性。</p>
</div><p>FLY shares surged 19.13% to $23.91.</p>
<div class="lb-trans"><p>FLY 股票上涨了 19.13%，报 23.91 美元。</p>
</div><h2>Intuitive Machines: Lunar Leadership And Backlog Growth In Focus</h2>
<div class="lb-trans"><h2>Intuitive Machines: 月球领导地位和订单增长受到关注</h2>
</div><p>Leshock initiated <strong>Intuitive Machines</strong> (NASDAQ: LUNR) at Overweight with a $20 price forecast, versus shares at $10.21. He highlighted the company’s leadership position in lunar services and its expanding backlog.</p>
<div class="lb-trans"><p>Leshock 对 <strong>Intuitive Machines</strong> (NASDAQ: LUNR) 启动了 超配 评级，给出了 20 美元的价格预测，而股票价格为 10.21 美元。他强调了公司在月球服务中的领导地位及其不断扩大的订单。</p>
</div><p>The stock trades near 3.4x price-to-sales, with the price forecast implying approximately 6.3x. Leshock expects operational improvements and additional contract awards to support scaling over time.</p>
<div class="lb-trans"><p>该股票的交易价格接近 3.4 倍的销售额，价格预测暗示大约 6.3 倍。Leshock 预计运营改善和额外合同的授予将支持长期扩张。</p>
</div><p>LUNR shares were last up 32.72% at $14.40.</p>
<div class="lb-trans"><p>LUNR 股票最后上涨了 32.72%，报 14.40 美元。</p>
</div><h2>Redwire: Integration And Profitability Execution Remain Key</h2>
<div class="lb-trans"><h2>Redwire: 整合和盈利能力执行仍然是关键</h2>
</div><p>KeyBanc initiated <strong>Redwire Corp</strong> (NYSE: RDW) with a Sector Weight rating, citing broad exposure across space and defense markets. Leshock said the Edge Autonomy acquisition adds scale, but upside depends on successful integration and execution toward sustained profitability.</p>
<div class="lb-trans"><p>KeyBanc 对 <strong>Redwire Corp</strong> (NYSE: RDW) 进行了覆盖，给予其 行业中性 的评级，指出其在航天和国防市场的广泛曝光。Leshock 表示，Edge Autonomy 的收购增加了规模，但上行空间取决于成功的整合和实现持续盈利。</p>
</div><p>Shares trade in the middle of Redwire’s historical 1x to 4x price-to-sales range, reflecting a balanced risk-reward profile.</p>
<div class="lb-trans"><p>RDW 股票的交易价格处于 Redwire 历史上 1 倍至 4 倍市销率区间的中间，反映出平衡的风险收益特征。</p>
</div><p>RDW shares were last up 13.68% at $7.980.</p>
<div class="lb-trans"><p>RDW 股票最新上涨 13.68%，报 $7.980。</p>
</div><p><strong>Read Next:</strong></p>
<div class="lb-trans"><p><strong>接下来阅读：</strong></p>
</div><ul>
<li><strong><em>Carnival’s Cruise Comeback Is Real: Record Earnings, Dividend’s Back, And 2026 Looks Even Bigger</em></strong></li>
</ul>
<div class="lb-trans"><ul>
<li><strong><em>嘉年华邮轮的复苏是真实的：创纪录的收益，股息回归，2026 年看起来更大</em></strong></li>
</ul>
</div><p><em>Image via Shutterstock</em></p>
<div class="lb-trans"><p><em>图片来源于 Shutterstock</em></p>
</div>

太空战争、AI 无人机与华尔街的新宠交易