RW Baird and Jefferies analysts set target prices for Wheels Up at $12 and $13 per share
Two more Wall Street analysts have issued opening perspectives on Wheels Up Experience. The private aviation company began trading on the New York Stock Exchange under the symbol UP earlier this month. Both analysts are markedly less bullish than Barrington Research’s Gary Prestopino. He set a price target of $19 to $21 for his 24-month outlook.
On the surface, Annapolis, Maryland-based AeroVanti, turns the clock back to 2013. That’s when Kenny Dichter launched the Beechcraft King Air into a mainstream private aviation charter solution using huge stars like Tom Brady and Serena Williams climbing aboard the turboprop and selling memberships through Costco. It also resurrects the aircraft that Avantair popularized before its 2014 bankruptcy. Serial entrepreneur Patrick Britton-Harr hopes his new venture will follow the former than the latter. With an hourly rate of just $1,995 plus 7.5% Federal Excise Tax, like Dichter, he wants to move first-timers from the airlines to fly privately.
As it looks ahead towards its IPO via SPAC merger, Wheels Up reports revenues, memberships and flying is up while its financial loss is down
Wheels Up for the first time reported quarterly results. They come ahead of its planned merger with SPAC Aspirational Consumer Lifestyle Corp. Once completed, Wheels Up will trade on the NYSE under the ticker symbol UP.
In advance of its public listing on the New York Stock Exchange, the company presented analysts its lofty ambitions to revolutionize private jet access
Wheels Up founder Kenny Dichter believes the addressable market for private aviation can grow from its current $31 billion to $80 billion by 2025. It plans to be a key driver. Here’s how…
A detailed overview of each presentation during Wheels Up’s Analyst Day
“So if you’re tired of the same old story…turn some pages.” – REO Speedwagon
Ready or not, Kenny Dichter and Wheels Up plan to change the face of private jet access. It’s a big leap from marketing ploys like selling memberships through Costco. Beyond stump speeches at industry conferences, there will be the harsh spotlight from being a publicly traded company. If he’s successful, the lifelong entrepreneur will find his name alongside aviation innovators such as Pan Am founder Juan Trippe, former American Airlines chairman Robert Crandall, who ignited revenue management and frequent flyer programs, and inventor of fractional private jet ownership, Richard Santulli. The latter created NetJets, the world’s largest private jet operator, and gave Dichter his entree into the industry. In fact, Dichter might fly higher than all of them. Success would make Dichter the Jeff Bezos of private jets.
In a two-hour presentation to financial analysts Friday morning, the founder and CEO of Wheels Up, along with his leadership team, discussed various milestones, projected growth, and insights on where it’s coming from. More than that, they unveiled a dramatic vision for a private aviation marketplace they say could more than double the addressable market by 2025, democratizing the segment down to low single-digit millionaires. It will certainly be key in their plan to grow revenues from $695 million last year to over $2.1 billion by 2025.