Archer Aviation upgraded to Buy on FAA certification progress and new revenue streams.

Archer Aviation has been upgraded to a Buy rating with a price target of $8–$10 due to accelerated progress in FAA certification, reaching Phase 4, which reduces regulatory risks and speeds up commercialization. The company now has three credible revenue streams projected for 2026, including UAE commercial operations, the US eVTOL Integration Pilot Program, and defense contracts, with expected revenues between $30–$60 million and a strong liquidity position of $1.2 billion by year-end. Despite concerns about cash burn and dilution, the current share price of $5.91 undervalues Archer's certification achievements and upcoming revenue growth potential.