Why Archer Aviation Stock Is Soaring Today
Archer Aviation (NYSE: ACHR) stock is surging in Tuesday's trading following positive coverage from an analyst. The flying electric vehicle specialist's share price was up 15.8% as of 3 p.m. ET.
Archer is soaring today after Needham initiated coverage on the stock with a bull rating. The firm's lead analyst on the stock gave it a buy rating and set a one-year price target of $11 per share, suggesting additional upside of roughly 116% as of this writing.
Needham's Chris Pierce is bullish on Archer stock and sees the still-nascent flying taxi industry moving in a promising direction. The analyst noted that there is some uncertainty surrounding Archer's transition to commercialization and scaling of vehicle deliveries, but said he believes the industry is taking off.
Source Fool.com
