Analyst Austin Moeller of Canaccord Genuity maintained a Buy rating on Archer Aviation, retaining the price target of $13.00.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 55% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Austin Moeller has given his Buy rating due to a combination of factors surrounding Archer Aviation’s strategic advancements and financial positioning. Despite reporting a significant adjusted EBITDA loss in Q2, Archer has demonstrated a robust production ramp-up, particularly with its Midnight aircraft models, which are being built across its facilities in California and Georgia. This production increase is supported by Archer’s substantial cash reserves, bolstered by a recent capital raise, positioning the company well for continued expansion.
Furthermore, Archer is making significant strides in its certification process with the FAA, being one of the few companies in the final stage of certification. The company’s focus on refining manufacturing processes and increasing production efficiency indicates a strong commitment to scaling operations. These strategic moves, coupled with the potential for revenue generation through Launch Edition customer evaluations, underpin Moeller’s confidence in Archer’s future growth prospects, justifying the Buy rating.
In another report released yesterday, Needham also reiterated a Buy rating on the stock with a $13.00 price target.
ACHR’s price has also changed slightly for the past six months – from $9.360 to $10.250, which is a 9.51% increase.