Canaccord Genuity analyst Austin Moeller maintained a Buy rating on Joby Aviation (JOBY – Research Report) yesterday and set a price target of $12.00.
Confident Investing Starts Here:
- Quickly and easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions
- Receive undervalued, market resilient stocks straight to you inbox with TipRanks' Smart Value Newsletter
Austin Moeller has given his Buy rating due to a combination of factors including Joby Aviation’s strategic advancements and partnerships. The company is making significant progress in its manufacturing capabilities, notably with the expansion of its facility in Marina, California, which will more than double its production space. This expansion is crucial as Joby prepares for increased production of its eVTOL aircraft, supported by a substantial equity investment from Toyota. The integration with Toyota not only enhances manufacturing efficiency but also mitigates tariff impacts due to the high level of vertical integration in the U.S.
Furthermore, Joby Aviation is advancing in its certification process with the FAA, with expectations to begin type inspection authorization testing soon. This progress is a critical milestone towards achieving type certification and initiating passenger service, projected for early 2027. The company’s strategic focus on both manned and unmanned test flights, along with its partnership with Toyota, positions it well against competitors. These developments, coupled with management’s clear guidance on future milestones, underpin Moeller’s positive outlook and Buy rating for Joby’s stock.
In another report released today, Needham also reiterated a Buy rating on the stock with a $10.00 price target.
JOBY’s price has also changed moderately for the past six months – from $5.100 to $6.420, which is a 25.88% increase.