Stock Track | Archer Aviation Soars 5.44% in Pre-Market on Analyst Upgrade and Cathie Wood's Backing

Stock Track12-13

Archer Aviation Inc. (ACHR) stock soared 5.44% in the pre-market trading session on Friday, riding on a wave of positive sentiment following an analyst upgrade and a significant investment from renowned investor Cathie Wood's Ark Invest.

Deutsche Bank raised its price target for ACHR to $15 from $11, maintaining a "buy" rating. The brokerage cited Archer's new programs and potential multi-billion dollar opportunities from military contracts as key drivers for the higher valuation. Analysts believe the company's financial risk profile is lower now, as revenue and profits could be pulled forward with military contracts potentially awarded as early as next year.

Furthermore, Cathie Wood's Ark Invest made a substantial bet on Archer Aviation, acquiring over 5 million shares worth approximately $36.5 million. This vote of confidence from the renowned investment firm, known for its focus on disruptive innovation, added further tailwinds to the stock's momentum.

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