EVEX - Eve Holding stock slips as TD Cowen says it's 'late to the party'

2023-04-24 09:50:12 ET

Eve Holding ( NYSE: EVEX ) stock slipped shortly after Monday’s opening bell as TD Cowen offered a lukewarm review of the stock.

While equity analyst Cai von Rumohr indicated that the company is “well-positioned” in the eVTOL space, which he believes is attractive in the long-term, the company is “late to the party.” Additionally, he noted that while the company appears as though it could be a viable player in eVTOLs, its late 2026 target for certification leaves significant room for error.

That said, he noted that the company does have its own set of advantages in comparison to first movers in the industry.

“EVE is a late entrant to the eVTOL market and lags Joby ( JOBY ) and Archer ( ACHR ) in flight testing/certification but has other competitive advantages. These include access to capabilities of 89% owner Embraer ( ERJ ), which has extensive experience certifying, producing, and supporting aircraft on a global basis,” von Rumohr told clients. “Embraer's lower cost Brazilian engineering and manufacturing labor/facilities as well as priority certification review by regulator ANAC are key pluses for EVE.”

Shares of Eve Holding ( EVEX ) slipped 1.8% during Monday’s trading.

Dig into the company’s most recent earnings report .

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