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BUZZ-Cantor raises Archer PT after it expands into military use, shares up

Reuters
Dec 18, 2024
BUZZ-Cantor raises Archer PT after it expands into military use, shares up

** Shares of air taxi maker Archer Aviation ACHR.N 4% to $9.45 premarket

** Brokerage Cantor raises ACHR PT to $13 from $10, a 44% upside to stock's last close; maintains "overweight"

** Brokerage expects ACHR to continue to primarily prioritize its electric vertical takeoff and landing (eVTOL) segment and says the company will now be able to focus on a dual-use with the military

** Co, on Dec 12, raised $430 mln in fresh capital and entered into a partnership to develop a hybrid aircraft with defence tech company Anduril Industries, targeting a potential "program of record" from the Pentagon

** Eight of nine brokerages rate ACHR "buy" and one "hold"; their median PT is $11 - LSEG data

** Up to last close, stock up 48% YTD

(Reporting by Anshuman Tripathy)

((Anshuman.Tripathy@thomsonreuters.com))

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