H.C. Wainwright initiated coverage of Archer Aviation with a Buy rating and $12.50 price target. Archer is an aerospace company specializing in the design, development, and operation of electric vertical take-off and landing aircraft, the analyst tells investors in a research note. The firm says Archer is progressing towards FAA certification with six of its Midnight aircraft, the first three of which are moving towards final assembly and scheduled for piloted flight tests in late 2024. The company’s strategic partnerships should support sales ramp and service expansion, contends H.C. Wainwright.
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