Vertical Aerospace price target lowered to $13 from $15 at Deutsche Bank

Deutsche Bank analyst Edison Yu lowered the firm’s price target on Vertical Aerospace (EVTL) to $13 from $15 and keeps a Buy rating on the shares. The firm increasingly views the company as the leading European aerial mobility upstart “despite a bumpy few years.” The funding arrangement with Mudrick should extend the cash runway through end of next year and materially de-lever the balance sheet, the analyst tells investors in a research note. Deutsche cites greater dilution for the target drop.