FireFly Aerospace price target lowered to $40 from $60 at Roth Capital

Roth Capital lowered the firm’s price target on FireFly Aerospace (FLY) to $40 from $60 after the company reported a testing anomaly with the first stage of its planned FLTA0007 Alpha mission rocket resulting in loss of the stage. The firm, which believes the FLTA0007 Alpha rocket first stage has been lost, does not attribute material revenue to FLTA007, but believes the timing of the next flight FLTA0008, which had been targeted to launch this calendar year, may now face increasingly uncertain timing and Roth cites increased near-term launch cadence uncertainty for its lower price target