Canaccord analyst Austin Moeller updated the Joby Aviation (JOBY) model to reflect the new share count following Toyota’s (TM) investment of its first $250M equity tranche in Joby Aviation (of $500M total expected in 2025). Toyota acquired 49.7M shares of Joby last week at a $5.03 purchase price. Irrespective of the dilution effect, investors clearly viewed the news of Toyota’s strong confidence in Joby as a strategic partner last week positively. Canaccore reiterated its Buy rating and $12 price target on Joby Aviation shares.
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