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Investing.com - Cantor Fitzgerald has reiterated its Neutral rating and $9.00 price target on Joby Aviation Inc (NYSE:JOBY), the electric vertical takeoff and landing (eVTOL) aircraft developer. The stock, currently trading near its 52-week high of $18.55, has delivered an impressive 187% return over the past year. According to InvestingPro analysis, the company’s market capitalization now stands at $15.2 billion.
The research firm maintained its position following comments from JoeBen Bevirt, Founder and CEO of Joby, at the "Re-industrialise Summit" conference, where he reaffirmed the company’s plans to launch passenger flights in the UAE by spring 2026.
Joby Aviation is currently applying for an Air Operator Certificate from the UAE General Civil Aviation Authority, a necessary regulatory step before commercial operations can begin in the region.
The company recently completed a test flight in Dubai, marking a significant operational milestone in its expansion into the Middle Eastern market.
Cantor Fitzgerald’s maintained $9.00 price target reflects its current assessment of Joby’s progress toward commercialization of its air taxi service in the UAE and other markets.
In other recent news, Joby Aviation has made significant strides in its operations and production capabilities. The company announced the expansion of its manufacturing site in Marina, California, effectively doubling its aircraft production capacity. This expanded facility, now covering approximately 435,500 square feet, is expected to produce up to 24 aircraft annually. Joby Aviation also added a new aircraft to its fleet, which quickly received airworthiness certification. The company recently completed successful eVTOL test flights in Dubai, marking an important milestone as it prepares to launch commercial passenger services in cities like Dubai, New York, and Los Angeles by next year. In light of these developments, H.C. Wainwright has reiterated its Buy rating on Joby Aviation, while Cantor Fitzgerald maintained a Neutral rating. These ratings reflect the company’s progress and readiness for commercial operations. Joby Aviation’s advancements signal a promising future for the electric air taxi industry.
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