Blade Air Mobility price target lowered to $6 from $6.50 at JPMorgan

JPMorgan analyst Bill Peterson lowered the firm’s price target on Blade Air Mobility to $6 from $6.50 and keeps an Overweight rating on the shares. The analyst thinks institutional investor sentiment on the transportation and fuel transformation space still remains "negative / muted." Macro volatility and recessionary fears could continue to keep investor expectations muted in the near term with interest rate trajectory remaining a key lever for stock performance for unprofitable growth stocks broadly, but a recovery in the back half of the year is possible assuming interest rates stabilize, the analyst tells investors in a research note. The firm continues to prefer infrastructure enablers in hydrogen and charging over vehicle makers / component suppliers.