Canaccord Genuity Reiterates Buy Rating on Vertical Aerospace Ltd. (EVTL)

Canaccord Genuity analyst Austin Moeller reiterated a Buy rating and $13.50 price target on Vertical Aerospace Ltd. (NYSE: EVTL).

The analyst comments "Vertical Aerospace (EVTL) announced this morning that it successfully executed a piloted wingborne flight of the VX4 eVTOL aircraft. The landmark flight reflects the first of its kind in European open airspace for a winged eVTOL aircraft, advancing Phase 3 of Vertical’s wingborne flight testing. The VX4 took off conventionally (using the runway) as expected from Cotswold Airport in the UK, piloted by Vertical’s Chief Test Pilot Simon Davies, generating lift with the aircraft’s wing to reach a 2,000 ft altitude and then flying through the British countryside before landing conventionally back at its starting point on the runway at Cotswold. Management added that the aircraft cruised at ~100 kts (115 mph). The major achievement follows recent approval received from the UK CAA extending Vertical’s Permit to Fly, following the submission and approval of some 20,000 certification documents. Vertical noted that it not only has become the first eVTOL aircraft to achieve piloted wingborne flight in Europe, but is also the only eVTOL developer operating under a DOA from the CAA. The CAA is simultaneously collaborating with EASA to eventually dual-certify the aircraft in both the UK and the rest of Europe at the highest commercial aircraft safety standards (10-9). The company expects VX4 Aircraft Two to achieve a full transition flight in 2H25, in addition to expanding the performance envelope to reach the targeted top speed of 150 mph."

For an analyst ratings summary and ratings history on Vertical Aerospace Ltd. click here. For more ratings news on Vertical Aerospace Ltd. click here.

Shares of Vertical Aerospace Ltd. closed at $5.38 yesterday.

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