Cantor upgrades Eve Holding to Overweight after 60% selloff

Cantor Fitzgerald analyst Andres Sheppard last night upgraded Eve Holding to Overweight from Neutral with a price target of $5, down from $7. The firm cites the stock’s 60% drop year-to-date for the upgrade. The company’s order pipeline of non-binding letters of intent) is currently at 2,900, which management expects will translate into $14.5B of electric vertical take-off and landing aircraft revenue, and $1.2B in potential revenue for services and maintenance, the analyst tells investors in a research note. More importantly, Eve’s order book has a diversified client base that consists of over 29 customers in 13 countries, Cantor adds.