Deutsche Bank says Archer Aviation's strong cash balance makes the stock a top pick among electric vertical take-off and landing companies (eVTOL). The bank reiterated a top pick recommendation on Archer in a Monday note and maintained a $12 per share price target. Deutsche's forecast implies more than 140% upside from Friday's $4.97 close. ACHR YTD mountain Archer Aviation stock. Archer has soared nearly 170% since the start of the year. Its eVTOL vehicles are meant for city taxi transport service, and Archer forecasts commercial vehicles will begin flying in 2025. Analyst Edison Yu noted he remains encouraged after the company recently began flying its Midnight aircraft, and its progress toward nonconforming flights without a pilot underpinned his bullish outlook. "Archer and Joby appear in a tight race while Vertica l must raise capital and has much catching up to do although it's inherently on a later timeline in Europe," Yu said. "Overall, Archer remains our favorite name in the group and we maintain our $12 price target." Yu added that Archer's cash balance remains strong and said capital will remain robust into the near future. "All in, Archer should have enough runway for about 2 years which should be further supported by payments from the US Air Force and customer deposits," he said. — CNBC's Michael Bloom contributed to this report.