Vertical Aerospace initiated with a Buy at Needham

Needham initiated coverage of Vertical Aerospace (EVTL) with a Buy rating and $9 price target The firm says Vertical Aerospace is a pure play electric vertical takeoff and landing manufacturer “getting minimal credit for gaining ground on industry leaders.” The company’s VX4 aircraft is closing the performance gap with recent piloted flight achievements while operating with more capital efficiency, the analyst tells investors in a research note. Needham sees shorter-term catalysts in regulatory approvals and flight milestones driving increased confidence in Vertical’s longer-term opportunity.