Why Archer Aviation Inc. (ACHR) Soared on Friday

We recently compiled a list of the Wall Street Optimism Spills Over to These 10 Stocks on Friday. In this article, we are going to take a look at where Archer Aviation Inc. (NYSE:ACHR) stands against the other stocks.

Wall Street finished the trading week stronger, posting gains by more than 1 percent after slipping into the negative territory at intra-day trading following a clash between US President Donald Trump and Ukrainian leader Volodymyr Zelensky at the White House.

Following the televised meeting, the two leaders concluded the encounter without a deal for joint development of mineral resources.

The Dow Jones jumped by 1.39 percent, the S&P 500 surged by 1.59 percent, and the Nasdaq soared by 1.63 percent.

The broader market optimism spilled into individual stocks, with 10 companies ending the trading session with strong gains. In this article, we have detailed the reasons behind their impressive performance.

To come up with Friday’s top gainers, we considered only the stocks with $2 billion in market capitalization and $5 million in daily trading volume.

A technician assembling an electric aircraft, highlighting the company’s manufacturing capabilities.

Archer Aviation Inc. (NYSE:ACHR)

Archer Aviation Inc. (NYSE:ACHR) rose by 12.12 percent on Friday to end at $8.88 apiece as investor sentiment was boosted by an investment bank’s upgrade of its price target.

In a report, Canaccord raised Archer Aviation Inc. (NYSE:ACHR)’s price target to $13.50 from $13 previously while maintaining the buy rating on the stock.

According to Canaccord analyst Austin Moeller, the adjustment was based on Archer Aviation Inc. (NYSE:ACHR)’s strong positioning in the emerging urban air mobility market, particularly its potential to be among the first, if not the first, electric vertical takeoff and landing (eVTOL) operator for UAM.

Earlier this year, Archer Aviation Inc. (NYSE:ACHR) said it was ready to launch its flying taxis in Abu Dhabi this year, saying that it made great partners with Etihad and its engineering arm, among others.

Overall ACHR ranks 5th on our list of Friday’s top gainers. While we acknowledge the potential of ACHR as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than ACHR but trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

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