Archer Aviation Inc. (ACHR) shares surged 5.73% in pre-market trading on Tuesday, following the company's better-than-expected first-quarter earnings report and positive updates on its planned UAE launch later this year.

The electric air taxi company's strong performance has caught the attention of analysts, with Needham maintaining a price target of $13.00 per share and HC Wainwright & Co. holding steady at $12.50. These price targets suggest significant upside potential from the stock's current levels, further fueling investor optimism.

Archer Aviation's progress towards its UAE launch is particularly noteworthy, as it represents a major milestone in the company's commercialization efforts. The successful implementation of electric air taxi services in the UAE could serve as a proof of concept for Archer's technology and business model, potentially opening doors for expansion into other markets.