Joby Aviation (JOBY) stock soared 12% on Monday and is up another 4% in Tuesday’s premarket trading, as excitement builds around the company’s first flying taxi delivery to the United Arab Emirates. Following Joby’s successful test flights in Dubai, H.C. Wainwright analyst Amit Dayal reaffirmed his Buy rating on the stock and maintained a $13 price target, suggesting an upside of around 23%. He said the aircraft is ready for real-world use, signaling that Joby’s technology is both mature and commercially viable.
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Analyst Sees Tech Strength in Tough Conditions
Dayal noted that the air-conditioned, piloted flights proved Joby’s eVTOL can perform reliably in high-heat environments, showing progress in design and engineering. He expects the company to produce 25 to 30 aircraft by the end of 2026, with most either sold outright or used for testing and commercial flight programs.
Investor Confidence Builds on Saudi Investment
Joby’s Middle East presence is expanding beyond Dubai. Earlier in June, its stock rose over 10% after Saudi-based firm Abdul Latif Jameel announced plans to invest up to $1 billion for the purchase of 300 of Joby’s electric air taxis. The news boosted investor confidence in Joby’s global growth plans and long-term demand. Abdul Latif Jameel had also backed Joby in its Series C funding round, adding further financial strength to the company.
With demand for air taxis rising globally, Joby has gained about 30% so far in 2025, lifting its market cap to about $9 billion. While safety and regulatory hurdles remain, the aircraft’s low emissions and ability to ease urban traffic make it hard to ignore.
Is Joby Stock a Good Buy?
Wall Street has a Moderate Buy consensus rating on Joby Aviation stock based on three Buys, three Holds, and one Sell recommendation. The average JOBY stock price target of $8.86 implies 16.02% downside potential from current levels.
