H.C. Wainwright says Archer’s successful flight validates commercial readiness

H.C. Wainwright analyst Amit Dayal notes that Archer announced that it had flown its Midnight eVTOL aircraft at the Al Bateen Executive Airport in Abu Dhabi. The firm believes that the successful flight demonstrates Archer’s advances toward commercial readiness; design resilience and performance under extreme conditions; and steps toward creating an infrastructure for advanced aviation in Abu Dhabi as evidenced by the support from the Abu Dhabi’s Smart and Autonomous Systems Council. Moreover, the fact that the flight was witnessed by representatives from UAE regulators, investors, and the company’s regional partners is a testament to Archer’s confidence in the capabilities of its technology and aircraft. Wainwright thinks that these test flights should help the company in collecting data to support its certification and commercialization plans in the UAE as well as in other regional markets. The firm has a Buy rating on the shares with a price target of $18.