Deutsche reiterates Sell on Joby Aviation after 25% share rally

Deutsche Bank reiterates a Sell rating on Joby Aviation with a $4 price target following the stock’s 25% rally over the past month. The firm says its closer look at Joby’s electric vertical take-off and landing flight testing progress “raises some questions” and appears to reflect less progress than the stock’s “premium valuation would entail.” Deutsche views the recent H2 test flight as a “very long-term science project that investors will have difficulty appreciating for the foreseeable future.” The firm thinks it is important to break down what exactly Joby is flying and delivering.