Jefferies Starts Wheels Up Experience inc. (UP) at Buy
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Jefferies analyst Sheila Kahyaoglu initiates coverage on Wheels Up Experience inc. (NYSE: UP) with a Buy rating and a price target of $13.00.
The analyst commented, "Wheels Up is a hi tech lifestyle co redefining and expanding the market for luxury travel. Our Buy rating is based on UP's rev and margin opportunity. TAM expansion from $31BB today to $80BB in 2025 on lower barriers to private flight should drive DD sales growth. The asset light model offers scale opportunities to drive 12-pts of adj. EBITDA by 2023E. Our adj. EBITDA of $59MM drives our $13 PT based on Aerospace and Technology peer avg 24X EV/EBITDA."
Shares of Wheels Up Experience inc. closed at $8.05 yesterday.
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