Canaccord Stays Bullish on Archer Aviation (ACHR), Reiterates Buy Rating

Archer Aviation Inc. (NYSE:ACHR) is one of the best meme stocks. On July 8, Canaccord Genuity maintained a Buy recommendation on ACHR with a $13 price target. The stock has recorded a remarkable 124% rise over the past year.

Canaccord Genuity reported that the company recently tested its Midnight aircraft to see how it performs in extreme heat, humidity, and dust. The management plans to expand testing to help with certification and commercial use, likely including demo flights between major vertiports and airports in Abu Dhabi.

Archer Aviation Inc. (NYSE:ACHR) plans to boost aircraft production at its Covington, Georgia, facility to about two planes per month by the end of the year. This increase is important for earning revenue from more Launch Edition customers, including Ethiopian Airlines and PT. IKN, before certification. With a market value of $6.35 billion and a strong current ratio of 15.8, the company seems well-equipped to fund this production growth.

The company must produce six certified aircraft for FAA pilots to use in inspection trials, which management predicts will last 9 to 12 months. The US Department of Transportation is also expected to begin the eVTOL Integration Pilot Program within 180 days of the Executive Order on Unleashing American Drone Dominance, dated June 6.

Archer Aviation Inc. (NYSE:ACHR) designs and develops aircraft and related technologies in the US and internationally, working in both commercial and defense sectors.

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