Shares of Archer Aviation Inc. (ACHR) surged 5.06% in intraday trading on Wednesday, following an analyst's bullish outlook on the company's expansion into the military market. The electric aircraft maker's stock rallied after Cantor Fitzgerald raised its price target to $13 from $10, citing the company's partnership with defense tech firm Anduril Industries to develop hybrid aircraft for potential Pentagon orders.
Archer Aviation recently raised $430 million in fresh capital and announced plans to leverage its electric vertical takeoff and landing (eVTOL) technology for dual-use military applications. The brokerage expects the company to continue prioritizing its core urban air mobility business while tapping into the lucrative defense sector.
The analyst move reflects growing investor confidence in Archer Aviation's diversification strategy and its prospects in the emerging eVTOL and hybrid aircraft markets. With eight out of nine brokerages rating the stock a "buy" and a median price target of $11, the company's shares have soared 48% year-to-date, outperforming the broader market.
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