Shares of Eve Holding (EVEX) surged as much as 8.06% in intraday trading on Wednesday, following an analyst upgrade that cited the company's progress in developing electric vertical take-off and landing (eVTOL) aircraft and the positive market potential for this emerging technology.
Cantor Fitzgerald analyst Andres Sheppard upgraded Eve Holding to a "Buy" rating and raised the price target to $5 from $7, citing the company's advancements in eVTOL development and the promising market opportunity. Sheppard's note highlighted Eve Holding's progress in certifying its eVTOL aircraft and securing key partnerships, positioning the company as a leader in the urban air mobility market.
Eve Holding, a subsidiary of Brazilian aerospace company Embraer, is developing a fully electric eVTOL aircraft designed for urban air mobility applications. The company has secured orders and partnerships with several major airlines and ride-sharing companies, betting on the future demand for air taxis and urban air transportation services.
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