Needham cut its price target for Beta Technologies (BETA) to $28 from $34 and maintained its Buy rating. The firm cited uncertainty around FAA aircraft certification timelines and lowered its fiscal 2027 aircraft delivery forecast. It left its long-term estimates unchanged.
The revision follows several positive developments. BETA reported a 98% year-over-year revenue increase in its third-quarter earnings report on November 3 and raised its full-year sales outlook. Cantor Fitzgerald initiated coverage with an Overweight rating on November 4. BETA is also focusing sales efforts for its Alia CX300 electric airplane on cargo and aeromedical clients.