Joby Aviation price target raised to $22 from $10 at Needham

Needham raised the firm’s price target on Joby Aviation (JOBY) to $22 from $10 and keeps a Buy rating on the shares. The company has been stacking up positive headlines at a dizzying pace, with piloted flight helping debunk the science project bear thesis across the eVTOL space, and repeated piloted flight and ramping aircraft production momentum communicating confidence into ultimate FAA certification, the analyst tells investors in a research note. The firm notes early stage air taxi infrastructure buildout to support passenger flight, as well as gross margin clarity for either revenue line, but Joby’s growing technical credibility is carrying the day as of now, the firm added.