Needham Starts Archer Aviation Inc. (ACHR) at Buy

Needham analyst Chris Pierce initiates coverage on Archer Aviation Inc. (NYSE: ACHR) with a Buy rating and a price target of $11.00.

The analyst comments "We initiate coverage of ACHR with a Buy rating and an $11 target. The cadence of aircraft deliveries (OEM revenues) and air taxi network operation (Urban Air Mobility revenues) is uncertain, but industry momentum has left the hangar. We have higher confidence in ACHR executing against their ~$6B aircraft order book post recently introduced modeling guardrails, and we see a $3B+ early stage air taxi revenue opportunity driven by conservative share of airport and commute travel, backed by a compelling use case given shorter trip times vs currently available, higher end airport travel options. ACHR is a long duration story, but shorter-term catalysts (regulatory approvals, first passenger flights) should drive increased confidence in the longer-term opportunity. Our $11 price target is 12.5x our '29E adj EBITDA discounted back."

For an analyst ratings summary and ratings history on Archer Aviation Inc. click here. For more ratings news on Archer Aviation Inc. click here.

Shares of Archer Aviation Inc. closed at $4.41 yesterday.

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