Vertical Aerospace price target lowered to $13.50 from $16 at Canaccord

Canaccord lowered the firm’s price target on Vertical Aerospace (EVTL) to $13.50 from $16 and keeps a Buy rating on the shares. The frim noted they just completed a $90M equity offering where the proceeds wil be used to fund the ongoing development of Vertical’s two VX4 eVTOL prototypes. Canacord views the funding as further solidifying Vertical’s balance sheet following recent agreements with Mudrick Capital and company founder Stephen Fitzpatrick for up to $50M in committed capital.