Joby eVTOL flights demonstrate design maturity, says H.C. Wainwright

H.C. Wainwright analyst Amit Dayal reiterated a Buy rating and $13 price target on Joby Aviation (JOBY) after the company completed piloted, air-conditioned, full-transition electric vertical take-off and landing flights in Dubai last week. The successful flights not only demonstrate eVTOL design maturity, but also the technological capabilities of operations in high-temperature conditions, the analyst tells investors in a research note. The firm expects the company to have built a cumulative 25-30 eVTOLs by the end of 2026 with most sold outright, and the remaining under testing and demonstration at customers site or operated by Joby as part of flight service programs.