Analyst Amit Dayal of H.C. Wainwright maintained a Buy rating on Eve Holding (EVEX – Research Report), with a price target of $6.00.
Amit Dayal has given his Buy rating due to a combination of factors that highlight Eve Holding’s strategic progress and financial potential. The company is on track with its commercialization timeline, focusing on achieving key certification milestones, including the first full-scale prototype flight test and production initiation of certification prototypes in 2025. This progress is supported by sufficient liquidity to cover investment and operational needs through 2025 and 2026, despite the expected cash usage of $200-250 million in 2025.
Furthermore, Eve Holding’s business model, which includes direct sales of eVTOL units, maintenance services, and an urban air traffic management system, is projected to generate significant revenue growth, with expectations of over $1 billion by 2029-2030. The company’s robust order book of approximately 2,800 aircraft valued at $14 billion reflects strong market interest in eVTOLs. Despite the need for additional capital, potentially through dilutive equity, the projected revenue growth and strategic milestones support the Buy rating, with a price target of $6.00 based on a discounted cash flow analysis.