Surf Air Mobility (NYSE: SRFM) is proving that the story we broke earlier this week—The Airline Turning Into a Software Growth Story Wall Street Doesn’t See Yet—is only getting stronger.

Today, SRFM shares moved higher as fresh coverage from Stonegate Capital Partners set a valuation range of $5.50 to $8.90 per share, with a midpoint of $7.20. Stonegate’s updated outlook reflects a profitable airline operation on an Adjusted EBITDA basis, renewed Essential Air Service contracts, a new interline agreement with Japan Airlines, and the game-changing Palantir-powered SurfOS platform.

With Q2 marking both operational profitability and strategic expansion, investors are beginning to recognize SRFM’s transformation from a regional airline into a scalable, software-driven mobility platform. If today’s stock price action is any indicator, the market is starting to catch on to the growth story still in its early innings.