Analyst Austin Moeller of Canaccord Genuity maintained a Buy rating on Joby Aviation (JOBY – Research Report), retaining the price target of $11.50.
Austin Moeller has given his Buy rating due to a combination of factors including Joby Aviation’s significant advancements in its certification and manufacturing processes. The company has expanded its test fleet to five aircraft, which supports its progress towards FAA certification. Additionally, Joby has achieved its capacity expansion target to produce parts for one aircraft per month, with plans to further increase production capabilities.
Joby’s financial position is also a positive factor, with $933 million in cash on hand, excluding a $500 million investment from Toyota. This investment is expected to enhance Joby’s financial runway, supporting its aircraft certification and manufacturing efforts. Furthermore, Joby’s ongoing collaboration with the Department of Defense and the delivery of a second aircraft for military testing underscore its strong execution record and potential for future growth in government contracts.
According to TipRanks, Moeller is a 3-star analyst with an average return of 3.5% and a 37.78% success rate. Moeller covers the Industrials sector, focusing on stocks such as Archer Aviation, Joby Aviation, and Bridger Aerospace Group Holdings.
In another report released yesterday, Needham also reiterated a Buy rating on the stock with a $10.00 price target.