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Archer Aviation Inc. (NYSE:ACHR) shares are trading higher Friday after the company announced it has signed a memorandum of understanding (MOU) with Southwest Airlines Company (NYSE:LUV) to develop operational plans for electric air taxi networks utilizing Archer’s eVTOL aircraft at California airports.
The Details:
Archer and Southwest said they intend to collaborate on a concept of operations that lays the foundation for integrated electric air taxi networks that would support California airports and the surrounding communities that Southwest serves. The collaboration will include partnering with Southwest employees and respective unions, including SWAPA, to maintain and improve efficient operations.
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"Southwest is eager to explore the convenience Archer’s air taxis could provide Customers flying Southwest at airports in busy urban areas,” said Paul Cullen, Vice President Real Estate at Southwest Airlines.
“We’ve proudly served as California’s largest carrier for nearly 25 years, and integrating Archer’s electric aircraft into the travel journey potentially gives us an innovative opportunity to enhance the experience of flying Southwest. We look forward to collaborating with Archer as we assess future commercial activities in California and other Southwest locations.”
Archer recently announced it received an additional $55 million investment from Big 3 automaker Stellantis N.V. (NYSE:STLA) under the companies' strategic funding agreement following the achievement of its transition flight test milestone in June. According to data from Benzinga Pro, Archer Aviation shares are trading above the stock’s 50-day moving average of $3.63 and 7.5% of available shares are being sold short.
When trying to assess whether or not Archer Aviation will trade higher from current levels, it's a good idea to take a look at analyst forecasts.
Wall Street analysts have an average 12-month price target of $8.30 on Archer Aviation. The Street high target is currently at $12 and the Street low target is $4.50. Of all the analysts covering Archer Aviation, 4 have positive ratings, one has neutral ratings and no one has negative ratings.
In the last month, 2 analysts have adjusted price targets. Here's a look at recent price target changes [Analyst Ratings]. Benzinga also tracks Wall Street's most accurate analysts. Check out how analysts covering Archer Aviation have performed in recent history.
Stocks don't move in a straight line. The average stock market return is approximately 10% per year. Archer Aviation is 6.73% down year-to-date. The average analyst price target suggests the stock could have further upside ahead.
For a broad overview of everything you need to know about Archer Aviation, visit here. If you want to go above and beyond, there's no better tool to help you do just that than Benzinga Pro. Start your free trial today.
ACHR Price Action: According to Benzinga Pro, Archer Aviation shares are up 1.31% at $4.64 at the time of publication Friday.
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Image: Courtesy of Archer Aviation, Inc.
