Joby Aviation: Progress on Certification but Execution Risks Keep Shares at Hold as Price Target Trimmed to $13

Analyst Kristine Liwag from Morgan Stanley maintained a Hold rating on Joby Aviation and decreased the price target to $13.00 from $15.00.

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Kristine Liwag has given his Hold rating due to a combination of factors tied to Joby Aviation’s balanced risk‑reward profile. The company is making tangible progress in certification, infrastructure partnerships, and early operations under the U.S. eIPP program, which improves visibility into its 2026 milestones and supports confidence in the long‑term opportunity.

At the same time, Liwag notes that key execution risks remain, particularly around achieving final FAA approvals, scaling production, and transitioning from demonstration flights to sustained commercial service. Given these uncertainties and a reassessment of valuation, the price target was revised down to $13, leading to a conclusion that the shares are fairly valued at current levels, justifying a Hold (Equal‑Weight) stance rather than a more aggressive rating.

In another report released on April 28, Canaccord Genuity also maintained a Hold rating on the stock with a $15.50 price target.