Joby Stock Jumps: Here’s What This Analyst Expects Next

Joby Aviation (NYSE:JOBY) shares blasted higher in Wednesday’s session, surging by ~29% as investors applauded a huge cash injection for the eVTOL company.

Following the close on Tuesday, Joby revealed that its largest shareholder, Toyota Motor, has completed the initial $250 million portion of a previously announced strategic investment. Per the press release, Joby plans to use the funds to support the certification and commercial manufacturing of its electric air taxi.

H.C. Wainwright analyst Amit Dayal thinks the announcement bodes well for what is about to come next.

“We believe this timely close of Toyota’s $250M investment (of $500M agreement) is indicative of stakeholder commitment toward commercializing Joby’s eVTOLs.,” the analyst explained. “As we have previously highlighted, 2025 is setting up to be a very news-heavy period for the eVTOL industry with multiple catalysts playing out on several fronts ranging from certification milestones to piloted flights.”

Dayal thinks the funding should help cover the company’s projected cash burn of $500–540 million in 2025 and enable it to take “concrete steps” toward establishing its manufacturing infrastructure. Additionally, the analyst believes Joby’s in-house vertical manufacturing strategy also aligns with the new administration’s efforts to advance domestic manufacturing, likely aiding regulatory approvals and certifications.

“We are pleased to see the management continue to consistently deliver on de-risking milestones,” Dayal went on to say.

Looking at the bigger picture, Dayal expects Joby will have built 25–30 eVTOLs by the end of next year, mostly “sold outright,” with the rest used for testing, demos, or operated in flight service programs. By 2028–2029, as the Dayton, OH facility ramps up to a 500-unit annual capacity, Dayal assumes production of 150–250 units per year. As for revenues, Dayal is calling for more than $40 million in 2026, $500 million+ in 2028, and for sales to cross the $1 billion threshold in 2029.

In line with the company projecting cash operating expenses of $500–540 million this year, Dayal expects ongoing investment in R&D at the current pace of $135–140 million per quarter over the next 4 quarters.

So down to business, what does all this ultimately mean for investors? Dayal maintained a Buy rating on JOBY shares along with a $9 price target. However, following Wednesday’s rally, there’s a potential upside of only a modest 1.5% from current levels. (To watch Dayal’s track record, click here)

Turning now to the broader Wall Street view, 3 other analysts join Dayal in the bull camp and with an additional 1 Hold and Sell, each, the stock claims a Moderate Buy consensus rating. That said, the $8 average target factors in a one-year slide of 2%. Given that disconnect, it will be interesting to see if some analysts update their models shortly. (See JOBY stock forecast)

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Disclaimer: The opinions expressed in this article are solely those of the featured analyst. The content is intended to be used for informational purposes only. It is very important to do your own analysis before making any investment.