Analyst Chris Pierce of Needham reiterated a Buy rating on Joby Aviation, boosting the price target to $22.00.
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Chris Pierce has given his Buy rating due to a combination of factors including Joby Aviation’s recent achievements and future potential. The company has been making significant strides in the eVTOL space, with successful piloted flights that have helped dispel doubts about the feasibility of their technology. This progress is building confidence towards obtaining FAA certification, which is crucial for their operations.
Despite some uncertainties regarding the timing of scaled aircraft production and the development of air taxi infrastructure, Joby Aviation’s growing technical credibility is a strong positive indicator. The raised price target to $22 reflects an optimistic outlook based on updated financial projections, suggesting a promising future for the company’s market position.
Pierce covers the Consumer Cyclical sector, focusing on stocks such as Carvana Co, Sonic Automotive, and Tesla. According to TipRanks, Pierce has an average return of -4.0% and a 40.00% success rate on recommended stocks.