Aviation startup Joby Aviation (NYSE: JOBY) slid in pre-market trading at the time of publishing after JP Morgan analyst Bill Peterson turned bearish on the stock and downgraded it to a Sell from a Hold despite raising the price target to $6 from $5. The analyst’s current price target implies a downside potential of 40.4% at current levels.
While the stock has surged by more than 35% in the past month alone, Peterson pointed out that JOBY’s stock performance is not indicative of its fundamentals. The analyst added that his talks with institutional investors have indicated that there is skepticism about the commercial opportunities available for JOBY’s electric vertical takeoff and landing aircraft and the timing of these flights.
Analysts remain sidelined about JOBY stock with a Hold consensus rating based on three Buys, two Holds, and two Sells.
