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.
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