Wheels Up price target lowered to $2.50 from $3.75 at BTIG

BTIG analyst Marvin Fong lowered the firm’s price target on Wheels Up to $2.50 from $3.75 but keeps a Buy rating on the shares. The company’s Q4 flight revenue was light of estimates as macro headwinds became more severe as the quarter progressed, driving a 5% decrease in live flight legs, the analyst tells investors in a research note. The firm adds however that the company’s evolution to a majority asset-light platform connecting supply and demand in a channel-agnostic manner is a superior business model in terms of business risk and capital efficiency.