Shares of Archer Aviation Inc. (ACHR) are taking flight in intraday trading on Tuesday, soaring 5.03% following a bullish analyst reaffirmation. The electric aircraft company's stock is gaining altitude after Canaccord Genuity maintained its Buy rating, signaling continued confidence in Archer's potential.

Canaccord Genuity, a well-respected financial services firm, has chosen to stick with its positive outlook on Archer Aviation. While specific details of the analysis were not disclosed, the maintained Buy rating suggests that Canaccord sees promising prospects in Archer's business model and future growth opportunities in the emerging electric vertical takeoff and landing (eVTOL) aircraft market.

The reaffirmed Buy rating from Canaccord Genuity appears to be resonating strongly with investors, fueling the significant uptick in Archer's stock price. Analyst ratings often serve as key indicators for market participants, and this vote of confidence from a major firm is likely encouraging both current shareholders and potential investors. As Archer Aviation continues to develop its electric aircraft technology, positive analyst sentiment could play a crucial role in supporting the company's market performance and capital-raising efforts.