tech

December 22, 2025

Jefferies says international demand could fuel next leg of growth for this satellite imagery stock

The investment firm initiated the satellite imagery company at a buy rating.

Jefferies says international demand could fuel next leg of growth for this satellite imagery stock

TL;DR

  • Jefferies believes international demand could double BlackSky's sales by 2028.
  • The investment firm initiated BlackSky with a buy rating and a $23 price target.
  • Analyst Greg Konrad cited an expanding growth runway and international adoption as key drivers.
  • Konrad projects sales to reach $211 million by 2028, up from $108 million currently.
  • Post-2025, sales are expected to grow at approximately 25% annually, leveraging Gen-3 satellites and international customers.
  • Despite U.S. budget difficulties, there is optionality from increased needs by the NRO/NGA.
  • Margin profitability is expected to improve, with incremental margins in the 60% range.
  • This could lead to EBITDA margins exceeding 40%.
  • Full rollout of Gen-3 and AROS video imaging satellites are additional catalysts.

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