Cantor Fitzgerald analyst Andres Sheppard reiterated an Overweight rating and {REMOVEPT} price target on Vertical Aerospace Ltd. (NYSE: EVTL).

The analyst commented, "On its 4Q call, EVTL's management highlighted its plans to expand its flight envelope throughout 2026, which includes first piloted transition flight (over the next few weeks), and plans to conduct piloted flights at the Farnborough Air Show in July. Additionally, Vertical's newest aircraft (Valo) is being engineered to the industry's highest safety standard, given Europe’s aviation regulator (EASA) has mandated an order of 1×10^-9 degree of safety (akin to large commercial airliners), which is higher than the FAA's degree of safety requirement. As such, management expects EVTL's aircraft to be safer than its peers, and management believes EASA's certification requirements will act as a moat that could prevent American OEMs from entering the European market, thereby resulting in EVTL potentially being a first-mover in Europe. Following its 4Q25 earnings call, the company announced its partnership with Isoclima (private) to design and manufacture Valo's windows and transparent structures. Separately, management expects its large conditional pre-order book of >1,500 aircraft, which is diversified across markets and geographies (with ~28% from North America, ~28% from Europe, and ~28% from Asia), to translate into revenue of >$6B over time. However, Vertical reported ~£69M ($93M) in cash as of 4Q, and ~£43M ($58M) in cash as of 3/24, and given management’s net operating cash outflows target for the next 12 months of ~£145M (~$195M) as of 3/24, we expect EVTL will have to raise additional capital in the near term."

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Shares of Vertical Aerospace Ltd. closed at $2.06 yesterday.