flyExclusive downgraded to Neutral from Buy at BTIG

BTIG downgraded flyExclusive (FLYX) to Neutral from Buy and removed the firm’s prior $9 price target, which has been achieved. Shares have appreciated 39% in the last month and now trade at a 54% premium to Volato (SOAR) and a 47% premium to Wheels Up (UP), notes the analyst, who now views the risk-reward as “equally balanced.” The firm views the near-50% premium that flyExclusive now trades at relative to its two closest peers as more appropriate then where it had been prior to the rally, the analyst added.