Vertical Aerospace upgraded to Buy from Hold at Canaccord

Canaccord upgraded Vertical Aerospace to Buy from Hold with a price target of $1.50, up from $1, after the company announced it has been awarded $10M in grant funding by the U.K. Government, through the Aerospace Technology Institute, or ATI, Program, to develop its next-generation propellers for use on its VX4 aircraft. Following the announcement of CEO Stephen Fitzpatrick’s $50M equity commitment to the company last month, the grant brings the company’s expected near-term sources of cash to $60M, noted the analyst.