Surf Air Mobility initiated with an Outperform at Bernstein

Bernstein analyst David Vernon initiated coverage of Surf Air Mobility with an Outperform rating and $3.62 price target, which represents 192% upside. The company presents a “unique opportunity to scale in an under-capitalized and under-served segment” of the air travel market, and its investments in hybrid aircraft technologies will help lower the emissions-footprint of regional flying and catalyze growth through the opening of new markets, the analyst tells investors in a research note. The firm says unmet market needs in civil aviation and advances in technology have the potential to unlock a significant addressable market for regional air mobility.