11:08 AM EST, 11/24/2025 (MT Newswires) -- Voyager Technologies ( VOYG ) looks to be impacted by the recent waning of investors' enthusiasm in small-to-mid cap space and defense firms, Morgan Stanley said in a Monday note.

Morgan Stanley analysts said they saw "significant" in Voyager's Starlab being the only winner in the Commercial Low Earth Orbit Destination program to have a physical mockup of its space station at NASA's Johnson Space Center.

Voyager has grown largely through acquisitions, completing three deals since its June 2025 IPO. Its merger-and-acquisitions-focused approach carries risks related to integrating the new acquisitions, especially as the company expands into adjacent sectors, such as Estes' black powder business, the analysts said.

The crucial binary decision point of selecting a commercial low Earth orbit destination provider is "difficult to handicap," especially since the agency has yet to confirm a new administrator and a recent summer policy directive that has created uncertainty, according to the note.

Morgan Stanley maintained the company's stock rating at equal-weight and lowered the price target to $26 from $46.

Price: 20.44, Change: +0.49, Percent Change: +2.46