Evolv winning NYC subway deal could be ‘game-changing,’ says Cantor Fitzgerald

Cantor Fitzgerald analyst Brett Knoblauch notes that New York City Mayor Eric Adams held a press conference today about the safety of the NYC subway system and announced NYC is officially beginning a 90-day waiting period before it can begin testing threat detection systems. During this period, the Mayor will be evaluating threat detection systems, points out the analyst, who noted that during the Mayor’s speech, he was standing next to an Evolv system. Should Evolv win this deal, this would be the first deal with a city for its systems to be deployed across public transportation to the firm’s knowledge, says the analyst, who adds that a win could be “potentially game-changing.” The firm has an Overweight rating and $8 price target on Evolv shares.