BUZZ-Morgan Stanley hikes PT on air-taxi maker Joby Aviation
Morgan Stanley has raised the price target on Joby Aviationfrom $7 to $15 while maintaining an "equal-weight" rating. The adjustment reflects lower aircraft deliveries but improved free cash flow and reduced capital expenditures. The new price target indicates a 13.6% downside from JOBY's last close. Recent flight tests in Dubai and Japan are seen as a step closer to making air taxis a reality. Joby recently priced a $514 million share sale, with mixed ratings from brokerages. Shares were slightly up premarket, with a 113.7% increase year-to-date.
Morgan Stanley raises PT on Joby Aviation (JOBY.N) to $15 from $7, maintains “equal-weight” rating
Brokerage says changes reflect lower aircraft deliveries, but better free cash flow on modestly improved economics and significantly lower capex
New PT still implies 13.6% downside to JOBY’s last close
Says co’s recent aircraft flight tests in Dubai and Japan in 2025 make the air taxi dream “closer to reality for investors” Earlier this week, JOBY priced a $514 million discounted share sale
One of 9 brokerages rates JOBY “buy”, 6 “hold”, and 2 “sell”; their median PT is $15 - LSEG data
Shares of JOBY were marginally up premarket; stock up 113.7% YTD as of last close
