Archer Aviation’s Nolen hire a sign of ‘rapid’ progress on eVTOL, says Deutsche

Deutsche Bank reiterated a Buy rating and $12 price target on Archer Aviation after former acting FAA Administrator Billy Nolen confirmed he is joining the company as chief safety officer. The firm believes this is another sign that the company is making “rapid underappreciated” progress on its eVTOL development and certification milestones. Nolen oversaw the changes around eVTOL regulation last year and before that had a long distinguished career in the industry, the analyst tells investors in a research note.