York Space Systems (YSS) PT Lowered to $18 at Needham

Needham analyst Ryan Koontz lowered the price target on York Space Systems (NYSE: YSS) to $18.00 (from $33.00) while maintaining a Buy rating.

The analyst commented: "YSS reported 2Q26 results that were mixed vs. consensus Rev/Adj. EBITDA margin by +3%/-870bps, in line with Mgt expectations. Revised 2H26 revenue guidance was meaningfully reduced by ~50% due to a major shift in government space procurement to IDIQ for which procurement begins slower and finishes stronger vs. more linear large awards. Management had previously expected to secure awards across several programs which would translate to 2H revenue.

With $592MM in backlog and current cash of ~$380MM, and a pipeline of ~$11.5B, YSS remains well-positioned to benefit from strong expected DoW and Intelligence space spending outlined in the F27 budget. With minimal Mgt insight on a recovery, we meaningfully reduce our F26/F27 estimates and PT to $18."

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