Bullish View On Surf Air Mobility; Mallinckrodt Makes Strategic Move
- August 28th, 2023
- 580 views
Surf Air Mobility Inc. (NYSE: SRFM), a prominent player in the aviation industry, offering innovative air travel solutions, was initiated with a Buy rating by Canaccord Genuity, accompanied by a price target of $3.
Although $SRFM closed at $1.34 on Friday, the provided price target suggests a potential upside of $1.66 or approximately 123.88%, as projected by the investment banking firm's analysis.
In other news, Mallinckrodt plc (NYSE American: MNK) said the it has initiated voluntary prepackaged Chapter 11 proceedings in the U.S. Bankruptcy Court for the District of Delaware. This step is in line with the Restructuring Support Agreement previously entered into with major debtholders and the Opioid Master Disbursement Trust II, as announced on August 23, 2023.
The company aims to reduce its total funded debt by approximately $1.9 billion, enhance cash flow, and extend its financial stability. Operating normally, Mallinckrodt will continue patient support and its business operations throughout the court-supervised process, with expected completion in Q4 2023.
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