Analyst Chris Pierce from Needham reiterated a Buy rating on Joby Aviation (JOBY – Research Report) and keeping the price target at $10.00.
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High conviction JOBY bulls now have this Tradr ETFChris Pierce has given his Buy rating due to a combination of factors including Joby Aviation’s recent accomplishments and strategic partnerships. The company has made significant strides by achieving important milestones such as piloted transition flights and advancing its first vertiport in Dubai. These developments enhance Joby’s global position, particularly with its alliances with Virgin Atlantic and Delta.
However, there are still uncertainties regarding the timing of FAA certification, the commercial launch, and the subsequent revenue growth. Despite the lack of long-term guidance, especially concerning aircraft production, Chris Pierce maintains a positive outlook. His $10 target price is based on a valuation model that considers a 10x multiple of the estimated adjusted EBITDA for 2031, discounted to present value.
In another report released today, H.C. Wainwright also maintained a Buy rating on the stock with a $9.00 price target.