$LUNR backlog is surging while the stock sinks, and Michael Del Monte is sticking with Buy, trimming his target to $19.34 at 3.35x eFY28 sales. He sees a $1.8B backlog, adjusted EBITDA turning positiv

What happened: An analyst reiterated a Buy rating on Intuitive Machines ($LUNR), citing a growing backlog and new contract wins as civil and defense space missions accelerate. Key numbers: $1.8B backlog; adjusted EBITDA expected to turn positive in EQ4 26; price target lowered to $19.34 per share at 3.35x eFY28 price/sales. Why it matters: The analyst expects operating leverage to drive margin expansion as production scales, while flagging government funding shifts and shareholder dilution from capital raises as key risks.

An analyst reiterated a Buy rating on Intuitive Machines ($LUNR), citing a growing backlog and new contract wins as civil and defense space missions accelerate.

The analyst expects operating leverage to drive margin expansion as production scales, while flagging government funding shifts and shareholder dilution from capital raises as key risks.