Why Archer Aviation Stock Is Soaring Today

Archer Aviation (NYSE: ACHR) stock is making big gains in Wednesday's trading. The flying taxi company's share price was up 8.4% as of 3 p.m. ET. Meanwhile, the S 500 index was down 1%, and the Nasdaq Composite index was down 1.1%.

Archer Aviation stock is moving higher today thanks to bullish coverage from Cantor Fitzgerald. The firm maintained an overweight rating on the stock and raised its one-year price target from $10 per share to $13 per share. As of this writing, the new price target suggests additional upside of roughly 30%.

Last week, Archer Aviation CEO Adam Goldstein said that he expected commercial flights for the company's Midnight flying electric vehicles would begin in 2025. Adding another bullish catalyst, Archer announced that it had entered into a partnership with Anduril for the development of flying vehicles for the defense industry.

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Source Fool.com