KeyBanc analyst Michael Leshock initiated coverage of FireFly Aerospace with a Sector Weight rating and no price target. The firm is "encouraged" by the company's early successes within its spacecraft business, but says achieving a profitable scale will take time. FireFly has yet to achieve a consistent track record in launch, but is making progress on its medium-lift vehicle, Eclipse, the analyst tells investors in a research note. KeyBanc takes a "conservative view" on the timing of Eclipse's first launch.
