Jefferies believes that accelerating international demand could help double BlackSky ‘s sales through 2028. The investment firm initiated the satellite imagery company at a buy rating and $23 price target, which implies upside of 19% ahead. Shares of BlackSky have surged 78% this year. BKSY YTD mountain BSKY YTD chart Analyst Greg Konrad pointed to the company’s growth runway based on an expanding growth runway and expanding international adoption. He believes that this international growth could double sales through 2028 to $211 million, up from $108 million today. “After a modest breather in 2025 (sales +6%) on US Gov/EOCL slowness, BlackSky appears well positioned to expand the topline at ~25% per yr based on Gen-3 sat leverage and a robust international customer base,” Konrad wrote. “We see optionality on the U.S. side, despite budget difficulty, underscored by drivers such as increased needs by the NRO / NGA and the agencies it supports.” The analyst also sees BlackSky’s margin profitability growing from here. Incremental margins in the 60% range, alongside volume recovery, supports rerating and a path to EBITDA margins of over 40%, Konrad wrote. Additional catalysts include the full rollout of BlackSky’s Gen-3 and AROS video imaging satellites.
