<p>幾家航天和國防科技公司的股票在 <strong>KeyBanc Capital Markets</strong> 對該集團啓動覆蓋後大幅上漲，投資者對樂觀的長期增長評論和與國防現代化及不斷擴大的商業航天經濟相關的新價格預測作出反應。</p>
<p>KeyBanc 分析師 <strong>Michael Leshock</strong> 表示，航天與國防技術可能在未來十年內成為航天與國防領域中增長最強勁的細分市場之一。</p>
<p>他指出，地緣政治緊張局勢加劇、全球國防預算上升以及戰爭形式的快速演變，特別是在無人機、人工智能驅動的系統和 “金色穹頂” 等導彈防禦計劃方面。</p>
<p><strong><em>另請閲讀: Kratos 股票在第三季度業績公佈後下跌，Orbit Technologies 交易宣佈</em></strong></p>
<p>Leshock 還預計，航天商業化將擴大對發射服務、月球任務、衞星製造和與國防相關的數據應用的需求。</p>
<p>儘管對該行業的結構性順風持建設性看法，他強調了選擇性的方法，偏好那些具有明確催化劑和持久高優先級市場曝光的公司。</p>
<h2>KeyBanc 的評級和價格預測一覽</h2>
<p>KeyBanc 對 <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) 啓動了超配評級，同時對 <strong>Firefly Aerospace Inc.</strong> (NASDAQ: FLY) 和 <strong>Redwire Corporation</strong> (NYSE: RDW) 給予了行業權重評級。</p>
<p>該覆蓋反映了不同程度的執行風險、估值和對短期項目動能的曝光。</p>
<h2>Karman Holdings: 導彈、火箭和無人機的曝光推動上漲</h2>
<p>Leshock 對 Karman Holdings 啓動了 超配 評級，並給出了 80 美元的價格預測，而在啓動時股票價格為 64.94 美元。他強調了公司在導彈、火箭和無人機方面的曝光，以及在國防和航天項目中日益增長的角色。</p>
<p>分析師預計，IPO 後的價格發現將支持進一步上漲，估值基於大約 54 倍的 2026E 和 2027E EV/EBITDA。Leshock 表示，溢價倍數反映了 Karman 的高增長特徵和有限的公開交易歷史。</p>
<p>根據 Benzinga Pro 數據，KRMN 股票在週五出版時上漲了 5.38%，報 71.77 美元。</p>
<h2>AeroVironment: 邊際強勁和 BlueHalo 交易支持溢價估值</h2>
<p>KeyBanc 對 AeroVironment 啓動了 超配 評級，給出了 285 美元的價格預測，而股票價格為 229.10 美元。Leshock 提到強勁的邊際、訂單可見性和差異化的國防技術組合是主要驅動因素。</p>
<p>他説，BlueHalo 的收購增加了先進反無人機系統的規模，強化了 AeroVironment 在下一代國防技術中的定位。該股票的交易接近 28 倍的 EV/EBITDA，價格預測暗示大約 34 倍的混合 EV/EBITDA，Leshock 認為這一估值是由持續的執行所支持的。</p>
<p>AVAV 股票最後上漲了 4.30%，報 240.61 美元。</p>
<h2>Kratos Defense: 金色穹頂和高超音速推動增長前景</h2>
<p>Leshock 對 Kratos Defense  Security 啓動了 超配 評級，給出了 90 美元的價格預測，而股票價格為 69.77 美元。他指出 Kratos 對金色穹頂、高超音速開發和協作戰鬥機項目的槓桿作用。</p>
<p>估值大約在 8.5 倍的 2026E 和 2027E 銷售額之上，超過歷史水平。然而，Leshock 表示，溢價是由向先進國防技術的結構性轉變所支持的。</p>
<p>KTOS 股票最後上漲了 4.66%，報 74.73 美元。</p>
<h2>Firefly Aerospace: 早期進展被執行風險抵消</h2>
<p>KeyBanc 對 Firefly Aerospace 給予了 行業權重 評級，平衡了早期航天器的進展與執行和時機風險。Leshock 表示，發射節奏和項目進度仍然是公司關鍵變量。</p>
<p>Firefly 股票的交易價格約為 5.5 倍的銷售額，低於同行的交易範圍大約在 5 倍到 15 倍之間。折扣反映了對現金流生成和未來資本需求的不確定性。</p>
<p>FLY 股票上漲了 19.13%，報 23.91 美元。</p>
<h2>Intuitive Machines: 月球領導地位和訂單增長受到關注</h2>
<p>Leshock 對 <strong>Intuitive Machines</strong> (NASDAQ: LUNR) 啓動了 超配 評級，給出了 20 美元的價格預測，而股票價格為 10.21 美元。他強調了公司在月球服務中的領導地位及其不斷擴大的訂單。</p>
<p>該股票的交易價格接近 3.4 倍的銷售額，價格預測暗示大約 6.3 倍。Leshock 預計運營改善和額外合同的授予將支持長期擴張。</p>
<p>LUNR 股票最後上漲了 32.72%，報 14.40 美元。</p>
<h2>Redwire: 整合和盈利能力執行仍然是關鍵</h2>
<p>KeyBanc 對 <strong>Redwire Corp</strong> (NYSE: RDW) 進行了覆蓋，給予其 行業中性 的評級，指出其在航天和國防市場的廣泛曝光。Leshock 表示，Edge Autonomy 的收購增加了規模，但上行空間取決於成功的整合和實現持續盈利。</p>
<p>RDW 股票的交易價格處於 Redwire 歷史上 1 倍至 4 倍市銷率區間的中間，反映出平衡的風險收益特徵。</p>
<p>RDW 股票最新上漲 13.68%，報 $7.980。</p>
<p><strong>接下來閲讀：</strong></p>
<ul>
<li><strong><em>嘉年華郵輪的復甦是真實的：創紀錄的收益，股息迴歸，2026 年看起來更大</em></strong></li>
</ul>
<p><em>圖片來源於 Shutterstock</em></p>

克瑞拓斯安全防衞

航空環境

LUNR

<p>KeyBanc 資本市場對幾家航天和國防科技公司進行了覆蓋評級，強調由於地緣政治緊張局勢、國防預算增加以及人工智能和無人機的進步，這些公司具有強勁的增長潛力。Karman Holdings、AeroVironment、Kratos Defense 和 Intuitive Machines 獲得了增持評級，而 Firefly Aerospace 和 Redwire 則獲得了行業權重評級。KeyBanc 的分析師強調了一種選擇性的方法，偏好那些具有明確催化劑和持久高優先級市場曝光的公司</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>幾家航天和國防科技公司的股票在 <strong>KeyBanc Capital Markets</strong> 對該集團啓動覆蓋後大幅上漲，投資者對樂觀的長期增長評論和與國防現代化及不斷擴大的商業航天經濟相關的新價格預測作出反應。</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 分析師 <strong>Michael Leshock</strong> 表示，航天與國防技術可能在未來十年內成為航天與國防領域中增長最強勁的細分市場之一。</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，地緣政治緊張局勢加劇、全球國防預算上升以及戰爭形式的快速演變，特別是在無人機、人工智能驅動的系統和 “金色穹頂” 等導彈防禦計劃方面。</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>另請閲讀: Kratos 股票在第三季度業績公佈後下跌，Orbit Technologies 交易宣佈</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 還預計，航天商業化將擴大對發射服務、月球任務、衞星製造和與國防相關的數據應用的需求。</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>儘管對該行業的結構性順風持建設性看法，他強調了選擇性的方法，偏好那些具有明確催化劑和持久高優先級市場曝光的公司。</p>
</div><h2>KeyBanc’s Ratings And Price Forecasts At A Glance</h2>
<div class="lb-trans"><h2>KeyBanc 的評級和價格預測一覽</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 對 <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) 啓動了超配評級，同時對 <strong>Firefly Aerospace Inc.</strong> (NASDAQ: FLY) 和 <strong>Redwire Corporation</strong> (NYSE: RDW) 給予了行業權重評級。</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>該覆蓋反映了不同程度的執行風險、估值和對短期項目動能的曝光。</p>
</div><h2>Karman Holdings: Missile, Rocket, And Drone Exposure Drives Upside</h2>
<div class="lb-trans"><h2>Karman Holdings: 導彈、火箭和無人機的曝光推動上漲</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 對 Karman Holdings 啓動了 超配 評級，並給出了 80 美元的價格預測，而在啓動時股票價格為 64.94 美元。他強調了公司在導彈、火箭和無人機方面的曝光，以及在國防和航天項目中日益增長的角色。</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>分析師預計，IPO 後的價格發現將支持進一步上漲，估值基於大約 54 倍的 2026E 和 2027E EV/EBITDA。Leshock 表示，溢價倍數反映了 Karman 的高增長特徵和有限的公開交易歷史。</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>根據 Benzinga Pro 數據，KRMN 股票在週五出版時上漲了 5.38%，報 71.77 美元。</p>
</div><h2>AeroVironment: Margin Strength And BlueHalo Deal Support Premium Valuation</h2>
<div class="lb-trans"><h2>AeroVironment: 邊際強勁和 BlueHalo 交易支持溢價估值</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 對 AeroVironment 啓動了 超配 評級，給出了 285 美元的價格預測，而股票價格為 229.10 美元。Leshock 提到強勁的邊際、訂單可見性和差異化的國防技術組合是主要驅動因素。</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>他説，BlueHalo 的收購增加了先進反無人機系統的規模，強化了 AeroVironment 在下一代國防技術中的定位。該股票的交易接近 28 倍的 EV/EBITDA，價格預測暗示大約 34 倍的混合 EV/EBITDA，Leshock 認為這一估值是由持續的執行所支持的。</p>
</div><p>AVAV shares were last up 4.30% at $240.61.</p>
<div class="lb-trans"><p>AVAV 股票最後上漲了 4.30%，報 240.61 美元。</p>
</div><h2>Kratos Defense: Golden Dome And Hypersonics Fuel Growth Outlook</h2>
<div class="lb-trans"><h2>Kratos Defense: 金色穹頂和高超音速推動增長前景</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 對 Kratos Defense  Security 啓動了 超配 評級，給出了 90 美元的價格預測，而股票價格為 69.77 美元。他指出 Kratos 對金色穹頂、高超音速開發和協作戰鬥機項目的槓桿作用。</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>估值大約在 8.5 倍的 2026E 和 2027E 銷售額之上，超過歷史水平。然而，Leshock 表示，溢價是由向先進國防技術的結構性轉變所支持的。</p>
</div><p>KTOS shares were last up 4.66% at $74.73.</p>
<div class="lb-trans"><p>KTOS 股票最後上漲了 4.66%，報 74.73 美元。</p>
</div><h2>Firefly Aerospace: Early Traction Offset By Execution Risk</h2>
<div class="lb-trans"><h2>Firefly Aerospace: 早期進展被執行風險抵消</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 對 Firefly Aerospace 給予了 行業權重 評級，平衡了早期航天器的進展與執行和時機風險。Leshock 表示，發射節奏和項目進度仍然是公司關鍵變量。</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 股票的交易價格約為 5.5 倍的銷售額，低於同行的交易範圍大約在 5 倍到 15 倍之間。折扣反映了對現金流生成和未來資本需求的不確定性。</p>
</div><p>FLY shares surged 19.13% to $23.91.</p>
<div class="lb-trans"><p>FLY 股票上漲了 19.13%，報 23.91 美元。</p>
</div><h2>Intuitive Machines: Lunar Leadership And Backlog Growth In Focus</h2>
<div class="lb-trans"><h2>Intuitive Machines: 月球領導地位和訂單增長受到關注</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 對 <strong>Intuitive Machines</strong> (NASDAQ: LUNR) 啓動了 超配 評級，給出了 20 美元的價格預測，而股票價格為 10.21 美元。他強調了公司在月球服務中的領導地位及其不斷擴大的訂單。</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>該股票的交易價格接近 3.4 倍的銷售額，價格預測暗示大約 6.3 倍。Leshock 預計運營改善和額外合同的授予將支持長期擴張。</p>
</div><p>LUNR shares were last up 32.72% at $14.40.</p>
<div class="lb-trans"><p>LUNR 股票最後上漲了 32.72%，報 14.40 美元。</p>
</div><h2>Redwire: Integration And Profitability Execution Remain Key</h2>
<div class="lb-trans"><h2>Redwire: 整合和盈利能力執行仍然是關鍵</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 對 <strong>Redwire Corp</strong> (NYSE: RDW) 進行了覆蓋，給予其 行業中性 的評級，指出其在航天和國防市場的廣泛曝光。Leshock 表示，Edge Autonomy 的收購增加了規模，但上行空間取決於成功的整合和實現持續盈利。</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 股票的交易價格處於 Redwire 歷史上 1 倍至 4 倍市銷率區間的中間，反映出平衡的風險收益特徵。</p>
</div><p>RDW shares were last up 13.68% at $7.980.</p>
<div class="lb-trans"><p>RDW 股票最新上漲 13.68%，報 $7.980。</p>
</div><p><strong>Read Next:</strong></p>
<div class="lb-trans"><p><strong>接下來閲讀：</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>嘉年華郵輪的復甦是真實的：創紀錄的收益，股息迴歸，2026 年看起來更大</em></strong></li>
</ul>
</div><p><em>Image via Shutterstock</em></p>
<div class="lb-trans"><p><em>圖片來源於 Shutterstock</em></p>
</div>

太空戰爭、AI 無人機與華爾街的新寵交易