Archer Aviation, Inc. (NYSE:ACHR) and Future Flight Global (FFG) on Tuesday announced a memorandum of understanding (MOU) for the planned purchase of up to 116 Midnight Aircraft worth up to $580 million.
The Details:
The agreement includes the planned purchase by FFG of up to 116 of Archer’s Midnight aircraft, worth up to $580 million, bringing Archer’s indicative order book to $6 billion. Archer and FFG plan to launch air taxi services in some of the largest markets globally, including Southeast Asia, Europe and the Middle East.
The two companies are working to formalize definitive agreements covering the intended aircraft purchases and strategic operating alliance, with nearly $5 million in pre-delivery payments planned upon their completion.
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According to data from Benzinga Pro, Archer shares are down more than 30% over the past month and are trading below the stock’s 50-day moving average of $3.95.
ACHR Stock Prediction 2024:
Equity research can be a valuable source of information for learning about a company’s fundamentals. Analysts create financial models based on the fundamentals and expected future earnings of a company to arrive at a price target and recommendation for the stock.
Shares of Archer Aviation have an average 1-year price target of $9.31, representing an expected upside of 162.25%.
Because of differences in assumptions, analysts can arrive at very different price targets and recommendations. No analysts have bearish recommendations on Archer Aviation, while 7 analysts have bullish ratings. The street high price target from Benchmark is $12, while the street low from Barclays is $4.50.
ACHR Price Action: According to Benzinga Pro, Archer Aviation shares are roughly flat at $3.54 at the time of publication Tuesday.
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Image: Courtesy of Archer Aviation, Inc.
