Sky Harbor Group stock initiated with Buy rating at BTIG on hangar growth

Investing.com - Sky Harbor Group (NYSE:SKYH) has received a Buy rating and $13.00 price target from BTIG as the firm initiates coverage on the private hangar developer. Currently trading at $10.41, the stock sits below BTIG’s target but above InvestingPro’s Fair Value estimate, suggesting the shares may be overvalued at current levels.

BTIG analyst Thomas Catherwood cited Sky Harbor’s rapid growth into a "leading developer and operator of premium aviation campuses" since its founding in 2017 to address shortages in modern private hangar facilities.

The company has demonstrated its business model by leasing over 600,000 square feet across 61 hangars and securing ground leases at 13 additional airports since going public in 2022, according to BTIG’s research note.

BTIG acknowledged recent challenges including construction delays and cost overruns but noted management’s response through capital raising, design standard upgrades, and restructuring of its in-house construction division.

The research firm projects Sky Harbor will complete future projects on schedule and within budget, achieve positive adjusted EBITDA by the second quarter of 2026, and eventually scale to deliver between 1.0-1.2 million square feet of new hangar space annually.

In other recent news, Sky Harbour Group Corporation reported a significant increase in its second-quarter 2025 earnings, with consolidated revenues rising 82% year-over-year to $6.6 million, surpassing the forecast of $6.43 million. This growth was driven by acquisitions and the delivery of new campuses. Additionally, Sky Harbour has secured a $200 million tax-exempt warehouse drawdown committed bank facility with JPMorgan Chase Bank, issued through the Public Finance Authority of Wisconsin. Despite these positive developments, Freedom Broker has lowered its price target for Sky Harbour Group to $11.00 from $12.00, while maintaining a Hold rating on the stock. The firm noted the strong top-line momentum in the company’s Q2 2025 results as a factor in its analysis. These developments reflect the ongoing strategic efforts and financial adjustments within Sky Harbour Group Corporation.

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