Surf Air Mobility: Software-Driven Aviation Pivot and Cost-Efficient Growth Support Buy Rating and $12 Target

Analyst Amit Dayal of H.C. Wainwright maintained a Buy rating on Surf Air Mobility, Inc., with a price target of $12.00.

Amit Dayal has given his Buy rating due to a combination of factors including Surf Air Mobility’s transition toward a software-driven aviation model and the improving profitability outlook in 2026. He highlights that the SurfOS platform, supported by AI and partnerships such as Palantir, is expected to meaningfully cut operating costs, improve adjusted EBITDA versus prior guidance, and validate the technology for external customers, with clear commercial milestones outlined for BrokerOS and OperatorOS.

He also points to the company’s strategic exit from its capital-intensive in‑house electrification program, which removes significant planned spending while preserving upside through the BETA Technologies partnership, where cargo trials in Hawaii are anticipated as a step toward passenger operations. In addition, he notes the strengthened balance sheet from a $30M capital raise, the potential for revenue and margin expansion over the coming decade, and a DCF‑based valuation that supports a $12 price target even after applying an execution risk discount, collectively underpinning his positive stance on the shares.

Based on the recent corporate insider activity of 26 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of SRFM in relation to earlier this year.