Piper Sandler initiated coverage of York Space Systems with a Neutral rating and a $9.00 price target. The firm cited concerns about the company’s future growth, including funding changes to the Space Development Agency’s Transport Layer program, which is being succeeded by the Space Data Network Backbone initiative. York is involved in the new program, but Piper Sandler expects increased competition from larger industry players.
York recently cut its fiscal 2026 revenue guidance by 32%, citing delays in government contract conversions and supply-chain issues. The revision prompted JPMorgan to downgrade the stock to Neutral from Overweight, while Jefferies lowered its price target. York shares are trading near their 52-week low.