Why Archer Aviation Is Flying High Today
Archer Aviation (NYSE: ACHR) received a strong endorsement from a Wall Street analyst, and investors are buying in. Shares of the electric plane start-up gained as much as 14% on Wednesday after it was initiated with an outperform rating at Raymond James.
Archer is one of a handful of companies working to develop electric airplanes capable of vertical takeoffs and landings, or eVTOLs. They are small planes best suited for flying over city traffic jams or connecting city airports to nearby suburbs, leading some to describe them as flying taxis.
It is a promising technology with a huge potential addressable market, but with a lot of competition. Archer is racing to get a product to market against fellow start-ups Joby Aviation, Lilium, and Vertical Aerospace, as well as big-pocketed aerospace companies including Boeing, Textron, and Embraer.
Source Fool.com
