Archer Aviation Fell After Initially Surging Today -- Is the Stock a Buy?

Archer Aviation (NYSE: ACHR) stock lost ground in today's trading despite surging earlier in the session. After having been up as much as 16.4%, the electric flying-taxi company's share price ended the daily session down 1.5%. Meanwhile, the S&P 500 (SNPINDEX: ^GSPC) fell 3%, and the Nasdaq Composite (NASDAQINDEX: ^IXIC) ended the day down 3.6%.Archer Aviation stock initially saw big gains in today's daily session following bullish coverage from Cantor Fitzgerald. The firm reiterated an overweight rating on the stock, which is equivalent to a buy rating. It also raised its one-year price target on the stock from $10 per share to $13 per share. But Archer wasn't able to hold on to the gains driven by the positive analyst coverage. The Federal Reserve announced another 25-basis-point cut for interest rates today -- a move that was widely anticipated. The benchmark interest rate has now been lowered to 4.25%, but comments from Fed chairman Jerome Powell wound up powering a dramatic swell in bearish sentiment. While significant progress has been made on combating inflation, Powell made comments today suggesting that the central banking authority will take a more cautious approach to rate cuts next year. Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool