Canaccord lowered the firm’s price target on Archer Aviation (ACHR) to $13 from $13.50 and keeps a Buy rating on the shares. The firm noted they announced an $850M private placement in preparation for the eVTOL Integration Pilot Program (eIPP) announced by the White House last week. Archer’s major capital raise will go towards supporting the accelerated manufacturing and certification effort as part of participating in eIPP, which we anticipate Archer would participate in as one of the two leading eVTOL developers in America.
Don’t Miss TipRanks’ Half-Year Sale
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
- Make smarter investment decisions with TipRanks' Smart Investor Picks, delivered to your inbox every week.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on ACHR:
- Archer Aviation announces third ‘launch edition’ partner in Indonesia
- Archer Aviation Stock (ACHR) Slips 14%, Yet Analyst Expects 30%+ Upside on eVTOL Plans
- Cathie Wood Buys the Dip in Archer Aviation Stock With a $40M Purchase
- Archer Aviation’s Stock Stumbles Amidst Bold Moves
- Cantor Downgrades Joby Aviation Stock (JOBY) Due to Lack of Near-Term Upside