Piper Sandler raised the firm’s price target on Surf Air Mobility (SRFM) to $4 from $3 and keeps an Overweight rating on the shares following Q1 results and FY25 guidance. The firm notes the company expects FY25 revenue of $100M, representing a year-over-year decline of 16%. Falling revenue is due to management’s decision to exit unprofitable routes. Surf Air Mobility’s transformation plan should enable profitable growth in the future, Piper argues.
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