Archer Aviation Inc. (ACHR) is experiencing a decline in its stock price today, primarily due to a recent downgrade from J.P. Morgan. The investment firm adjusted its rating on Archer from overweight to neutral, despite raising its one-year price target from $6 to $9 per share. This new target reflects gains already achieved by the stock, suggesting limited upside potential from current levels. J.P. Morgan's analysts expressed concerns about the risks associated with Archer's regulatory approval process for its Midnight flying vehicles, cautioning that investors might be overly optimistic about the likelihood of obtaining necessary certifications.
The current price of Archer Aviation's stock is $8.91, marking a 1.98% decrease from its previous close of $9.09 and a 2.94% drop from its opening price of $9.18.