Surf Air Mobility price target lowered to $2.25 from $3.50 at Canaccord

Canaccord lowered the firm’s price target on Surf Air Mobility (SRFM) to $2.25 from $3.50 and keeps a Hold rating on the shares. The firm said the top-line result came in 2.5% ahead of estimate and met management’s Q4 outlook, landing roughly in-line with midpoint guidance. The On Demand charter services segment drove revenue growth for the broader business, expanding 7.5% quarter-over-quarter due to favorable mix from higher demand for larger aircraft and international flights supporting improved revenue per departure.