Roth Capital initiated coverage of Air Global, a flavored hookah tobacco maker, with a buy rating and an $11.50 price target, implying a 55% upside. The shares rose nearly 2% following the initiation on May 14, while the company has a market capitalization of $1.2 billion. Analyst Nick Anderson said Air Global could expand into flavored vapes and nicotine pouches by leveraging its brand affinity and cash-generating capacity. Its shisha business generated $396 million of revenue and $158 million of adjusted EBITDA in 2025. Air Global is also diversifying through a $20 million preferred-equity investment in Greentank and investments in OOKA-branded nicotine pouches and vapor products.
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