Brokerage Needham starts coverage on Archer Aviation with 'buy'
** Shares of air taxi maker Archer Aviation ACHR.N up 7% at $5
** Brokerage Needham initiates coverage on ACHR with a "buy" rating and $11 PT
** "We have high confidence in ACHR executing against their nearly $6 bln aircraft order book" - brokerage
** Needham expects more than $3 bln early-stage air taxi revenue opportunity driven by airport and commute travel, backed by shorter trip times compared to currently available means
** Says ACHR is a long-duration story, but shorter-term catalysts such as regulatory approvals and first passenger flights should drive increased confidence in the longer-term opportunity
** Up to last close, stock down 28% YTD
Reporting by Anshuman Tripathy
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