Vertical Aerospace price target lowered to $11 from $13.50 at Canaccord

Canaccord lowered the firm’s price target on Vertical Aerospace (EVTL) to $11 from $13.50 and keeps a Buy rating on the shares. The firm updated its model following the completion of its $60M equity raise at $5 per share to refelct the dilution effect of the offering. Canaccord believes management still intends to attract a large strategic partner in the near term as the VX4 prototype completes additional test flights, which would facilitate additional capital raises in the future to support development efforts.