H.C. Wainwright analyst Amit Dayal reiterated a Buy rating and $12.00 price target on Surf Air Mobility Inc (NYSE: SRFM).

The analyst commented: "On April 20, Surf Air provided various updates that reflect the company's continued pivot from a high-Capex aircraft operator to a software-centric aviation platform. We believe the shareholder letter is essentially driving the message that the company's AI-enabled operating system, SurfOS, should begin to materially improve the company's own operating costs and serve as validation of the technology to potential customers. In line with this, the company reaffirmed 2026 revenues of $128-138M, while revising adjusted EBITDA loss to $30-25M from $50-40M previously, representing a 40% improvement relative to prior guidance. Efficiency drivers include digitalization of workflows, corporate automation (including a 32% reduction in staffing needs), increased high-margin charter revenue, and reduced development costs via the Palantir (PLTR; not rated) partnership. We believe stock performance in the near-term will partly be driven by company's execution against 2026 targets for SurfOS product family including: 100 independent brokers for BrokerOS, 10 LoIs and five live operators for OperatorOS, and enterprise level contracts for SurfOS. With the company now formally exiting the in-house Cessna Caravan electrification program (eliminating $100M in planned spending), we believe the aircraft electrification benefits should accrue from success with the BETA Technologies partnership. We believe, in 2026, BETA aircraft will begin cargo demonstration routes on Surf Air's Mokulele Airlines network in Hawaii as a precursor to passenger service. Reiterate Buy rating and $12 PT."

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Shares of Surf Air Mobility Inc closed at $1.10 yesterday.