Archer Aviation (ACHR) Advances eVTOL Certification, Benchmark Sees Growth Ahead

Archer Aviation Inc. (NYSE:ACHR) ranks among the best drone stocks to buy according to analysts. Benchmark reaffirmed its Buy rating and $12 price target for Archer Aviation Inc. (NYSE:ACHR) on August 12, pointing to the company’s expanding defense technology portfolio and advancements in eVTOL certification.

The firm reports that 15% of Archer’s compliance verification documents have been approved by the FAA, indicating that the company’s electric vertical takeoff and landing certification effort is progressing. Given the recent executive orders from the Trump Administration and Archer’s status as the exclusive air taxi carrier for the 2019 LA Olympics, Benchmark anticipates that the certification process will progress more quickly.

With $1.7 billion in cash at the end of the most recent quarter, Benchmark thinks Archer Aviation Inc. (NYSE:ACHR) is well-positioned to market what it calls “one of the largest mobility advancements in recent memory.” Later this year, the firm expects Archer to start selling its Launch Edition aircraft internationally.

With a focus on urban air mobility and air taxi services, Archer Aviation Inc. (NYSE:ACHR) designs and manufactures electric vertical takeoff and landing (eVTOL) aircraft.

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Disclosure: None. This article is originally published at Insider Monkey.