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Why Archer Aviation Stock Is Soaring Today

TheMotleyFool 
0 0 19.11.24
Why Archer Aviation Stock Is Soaring TodayPhoto, wide shot, wide-angle lens, Gas company, Blue hour, twilight, cool, ISO1200, slow shutter speed, photo by Sebastião Salgado: https://img.theapi.app/temp/01083d82-021d-4573-8c40-0e836a0771d6.png
 

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.

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Source Fool.com

Archer Ltd Stock

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