Why Shares of Archer Aviation Took Flight This Week
Since the close of trading last Friday, shares of the electric aircraft company Archer Aviation (NYSE: ACHR) had risen close to 18.5%, as of 1 p.m. ET on Thursday. The company continues to progress toward its goal of commercializing air taxis, and also received a bullish research note from a Wall Street analyst.Archer Aviation has seen its stock decline about 12% this year, but Needham analyst Chris Pierce says to ignore the noise and "load up" on the stock because the company continues to make strong progress toward launching its Midnight electric aircraft for commercial use in what could prove to be a sizable market opportunity. Pierce maintained a buy rating on the stock and a $13 price target.Pierce cited two recent industry events that give him confidence about Archer's future. First, the company recently let the public see its Midnight electric aircraft at an event in Manhattan, with prominent officials from United Airlines and the New York City Economic Development Corporation in attendance. Pierce also attended a conference with Archer and the other two air taxi players. He came away thinking that regional airports have significant interest in leveraging air taxis.Continue reading
Since the close of trading last Friday, shares of the electric aircraft company Archer Aviation (NYSE: ACHR) had risen close to 18.5%, as of 1 p.m. ET on Thursday. The company continues to progress toward its goal of commercializing air taxis, and also received a bullish research note from a Wall Street analyst.
Archer Aviation has seen its stock decline about 12% this year, but Needham analyst Chris Pierce says to ignore the noise and "load up" on the stock because the company continues to make strong progress toward launching its Midnight electric aircraft for commercial use in what could prove to be a sizable market opportunity. Pierce maintained a buy rating on the stock and a $13 price target.
Pierce cited two recent industry events that give him confidence about Archer's future. First, the company recently let the public see its Midnight electric aircraft at an event in Manhattan, with prominent officials from United Airlines and the New York City Economic Development Corporation in attendance. Pierce also attended a conference with Archer and the other two air taxi players. He came away thinking that regional airports have significant interest in leveraging air taxis.