As the race for urban air mobility reaches a fever pitch in 2026, Wall Street is drawing a clear line between technical leadership and investment opportunity. 

Cantor Fitzgerald recently reaffirmed its Overweight rating on Archer Aviation, Inc. (NYSE:ACHR) and maintained Joby Aviation, Inc. (NYSE:JOBY) with a Neutral.

While the firm views Joby as the market leader in certification and flight testing, Archer's massive liquidity and strategic partnerships make it the preferred choice for investors at current price levels.

• ACHR stock is climbing. See the chart and price action here. 

Bullish on Archer

Cantor remains highly optimistic about Archer, maintaining a 12-month price target of $13. The firm's Overweight conviction is rooted in Archer's deep cash reserves and its aggressive expansion into high-margin sectors.

Why Archer is the Pick:

• Sector-Leading Liquidity: Archer holds the strongest balance sheet in the industry with $2.2 billion in total liquidity ($1.7B in cash), providing a significant runway to reach commercialization.
• The AI and Military Edge: Beyond passenger flights, Archer is diversifying its revenue by supplying its proprietary electric powertrain to external partners like Anduril and the EDGE Group. Cantor expects Archer's new partnership with NVIDIA to integrate the IGX Thor AI platform at Hawthorne Airport to revolutionize pilot safety and autonomous flight.
• The L.A. 2028 Strategy: By acquiring Hawthorne Airport (within three miles of LAX), Archer secured its position as the exclusive air taxi provider for the 2028 Los Angeles Olympics, a move Cantor views as a “material” advantage.

Neutral on Joby 

Cantor acknowledged Joby as the industry leader and the “best-positioned” for FAA type certification. However, the firm maintained a Neutral rating, suggesting that the current stock price is not an ideal entry point for new investors.

The Case for Joby's Leadership:

• Superior Flight Data: Joby's fleet has flown over 50,000 miles to date and completed 850 flights and 4,900 test points in 2025 alone. 
• Realized Revenue: Joby is already seeing cash flow — its acquisition of Blade Air Mobility contributed $14 million in revenue this quarter, and Joby is set to become the exclusive partner for Blade's organ transport business.
• The Dubai Exclusive: Joby holds a six-year exclusive agreement to establish air taxi services in Dubai, with a launch targeted for the second half of 2026.

The Takeaway

Both Archer and Joby are focused on the UAE for commercial launches in 2026. But, the competition is no longer just about who can fly, it's who can scale—and whose stock offers the better ride for shareholders.

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