Surf Air Mobility initiated with a Buy at H.C. Wainwright

H.C. Wainwright analyst Amit Dayal initiated coverage of Surf Air Mobility (SRFM) with a Buy rating and $12 price target The firm views Surf Air as an “under-the-radar aviation play in turnaround mode.” The company, one of the largest commuter airlines by departures, has been “flying under the investor radar due to a legacy capex-heavy execution strategy that was not delivering attractive financial results,” the analyst tells investors in a research note. H.C. Wainwright believes Surf Air is positioned for a “meaningful turnaround” supported by a new management team and turnaround plan already being implemented for its regional air business.