Here's a fun tension in the flying taxi business: sometimes the company with the best technology isn't the one you want to own. As urban air mobility barrels toward commercial launches in 2026, Wall Street is making exactly that distinction between Joby Aviation, Inc. (JOBY) and Archer Aviation, Inc. (ACHR).
Cantor Fitzgerald recently reaffirmed its Overweight rating on Archer with a $13 price target, while keeping Joby at Neutral. The message? Joby might be winning the engineering race, but Archer is the better bet for your portfolio at current prices.
Why Archer Gets the Nod
Cantor's bullish case on Archer boils down to three things: cash, diversification, and a really smart airport acquisition.
Start with the balance sheet. Archer sits on $2.2 billion in total liquidity, including $1.7 billion in cash. That's the strongest financial position in the industry, and it buys Archer plenty of runway (pun intended) to reach commercialization without scrambling for more funding.
Then there's the diversification angle. While everyone focuses on passenger flights, Archer is quietly building a side business selling its proprietary electric powertrain to partners like Anduril and the EDGE Group. That's revenue diversification that doesn't depend on regulatory approvals for air taxis.
The real kicker? Archer just partnered with NVIDIA to integrate the IGX Thor AI platform at Hawthorne Airport. Cantor expects this to revolutionize pilot safety and autonomous flight capabilities, giving Archer a technological edge of its own.
And speaking of Hawthorne Airport, Archer bought it. The location sits within three miles of LAX, and the acquisition secured Archer's position as the exclusive air taxi provider for the 2028 Los Angeles Olympics. Cantor calls this a "material" competitive advantage, and it's hard to argue with that timing.
Joby's Technical Lead
Now, Cantor doesn't dispute that Joby is ahead on the technical side. The firm acknowledges Joby as the industry leader and "best-positioned" to win FAA type certification first.
The data backs that up. Joby's fleet has logged over 50,000 flight miles to date. In 2025 alone, the company completed 850 flights and 4,900 test points. That's a lot of validation.
Joby is also already generating revenue. Its acquisition of Blade Air Mobility brought in $14 million this quarter, and Joby is becoming the exclusive partner for Blade's organ transport business. That's real cash flow, not just projections.
Then there's Dubai. Joby secured a six-year exclusive agreement to launch air taxi services there, with operations targeted for the second half of 2026. It's a marquee market with serious growth potential.
So why the Neutral rating? Valuation. Cantor's basically saying that all this good news is already priced in, and current levels don't offer an attractive entry point for new money.