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Blade Air Mobility initiated with Buy at Ladenburg Thalmann, shares surge 10%

Published 17/07/2023, 22:02
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Ladenburg Thalmann initiated coverage on Blade Air Mobility Inc (NASDAQ:BLDE) with a Buy rating and a price target of $13.00. Shares surged more than 10% today.

According to the firm, Blade, despite being a small player in the U.S. air charter flight market, stands out due to its focus on By-the-Seat passenger services, long-term strategy to fully embrace Electric Vertical Aircraft (EVAs) upon commercial availability, and asset-light approach in procuring the needed aircraft.

According to the firm, Blade's operations and revenue growth are improving, driven by increased passenger traffic and market share gains in the organ transport segment. Ladenburg Thalmann anticipates revenues to increase by over 45% to $212.8 million in 2023 and climb another 22% organically in 2024.

With growing brand recognition, unique services, and the future adoption of EVAs, Ladenburg believes the company's true value is not reflected in its current share price.

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