Robinhood shares gain on Q2 beat, as user and crypto growth accelerate
Investing.com - Canaccord Genuity has reiterated its Buy rating and $12.00 price target on Joby Aviation Inc (NYSE:JOBY), citing the company’s continued execution on performance and flight-testing targets. The stock has shown impressive momentum, delivering an 85% return over the past year and currently trading near its 52-week high of $10.72. According to InvestingPro data, analyst targets for the stock range from $4 to $13.
The firm highlighted that Joby’s electric vertical takeoff and landing (eVTOL) prototypes have accumulated over 40,000 miles of flight testing across various geographic and climate conditions, building an extensive data record for Federal Aviation Administration (FAA) evaluation as part of the type certificate process.
Canaccord noted Joby has advanced its flight cadence to multiple flights per day, with the majority being piloted rather than remotely operated, as the company works toward completing approximately six certification aircraft with different conforming parts for FAA pilot tests by year-end.
The research firm pointed out that Joby’s Marina factory currently maintains a production capacity of one eVTOL per month, with potential to expand to 2-4 units monthly following the planned Megatent expansion.
Joby’s management views both the expanded Marina site and the opening of the Dayton plant in partnership with Toyota (NYSE:TM) as critical infrastructure for meeting emerging market demand, according to Canaccord’s research note.
In other recent news, Joby Aviation has successfully completed a series of piloted flights in Dubai, marking a significant milestone in its commercial market readiness efforts. This achievement is part of Joby’s partnership with Dubai’s Roads and Transport Authority, which grants the company exclusive rights to operate air taxis in the city for six years. Joby is also developing vertiport infrastructure at key locations, including Dubai International Airport, with plans to begin passenger services by 2026. Meanwhile, Cantor Fitzgerald has maintained a Neutral rating on Joby Aviation, citing concerns over its cash burn rate, despite the company’s strong liquidity position of approximately $1.3 billion. H.C. Wainwright, however, has raised its price target for Joby to $13, expressing optimism about the company’s prospects in the eVTOL market, particularly in defense applications. Additionally, Joby Aviation has adjusted the compensation package for its Chief Product Officer, Eric Allison, increasing his annual salary to $551,688. This change was part of the company’s efforts to align executive compensation with industry standards. These developments reflect Joby’s strategic moves in both the commercial and defense sectors as it advances its air mobility solutions.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.