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Investing.com - Cantor Fitzgerald has reiterated an Overweight rating and $13.00 price target on Archer Aviation Inc. (NYSE:ACHR), currently trading at $10.17, following the company’s successful test flight in the United Arab Emirates. The stock has shown remarkable momentum, delivering a 131% return over the past year. According to InvestingPro data, analyst targets for ACHR range from $4.50 to $18.00, with a consensus recommendation of 1.78 (Strong Buy).
Archer Aviation announced it had completed its first test flight of its Midnight eVTOL (electric vertical takeoff and landing) aircraft at the Al Bateen Executive Airport in Abu Dhabi.
The test flight specifically evaluated VTOL performance under challenging environmental conditions, including high heat, humidity, and dust that are characteristic of the region.
Cantor Fitzgerald analyst Andres Sheppard maintained the firm’s positive outlook on the stock, keeping both the Overweight rating and the $13.00 price target unchanged following this development.
Archer plans to expand its testing operations in the UAE region as it works toward commercial deployment in the United Arab Emirates through its Launch Edition Program.
In other recent news, Archer Aviation has made significant strides with the successful test flight of its Midnight aircraft in Abu Dhabi. This milestone marks a critical step in the company’s plans for commercial air taxi operations in the UAE. The test, conducted under UAE-specific conditions, is part of Archer’s Launch Edition commercialization program aimed at establishing air taxi services in Abu Dhabi. Archer plans to expand its flight-testing program to support certification and commercialization efforts both in the UAE and other markets.
Additionally, Cantor Fitzgerald has reiterated its Overweight rating on Archer Aviation, emphasizing the company’s strategic partnerships with entities like Anduril, the Department of Defense, United Airlines, and Stellantis (NYSE:STLA). These collaborations are expected to enhance Archer’s market position and facilitate its operations and manufacturing capabilities. Archer has also strengthened its financial standing by raising $850 million through a direct offering, providing the company with a pro forma liquidity of approximately $2 billion.
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