JPMorgan downgraded Joby Aviation (JOBY) to Underweight from Neutral with a price target of $6, up from $5. The stock’s strong performance in recent weeks has been reflective of a “risk-on environment” by retail investors as well as short covering “with the stock performance decoupling from fundamentals,” the analyst tells investors in a research note. In speaking with institutional investors over the past few months, the firm senses a lot of skepticism around the timing and size of the commercial opportunities for electric vertical takeoff and landing aircraft, at least within this decade. Following the period of outperformance, JPMorgan sees less upside for Archer Aviation (ACHR) in the near-term and downgraded Joby to Underweight.
Discover the Best Stocks and Maximize Your Portfolio:
- See what stocks are receiving strong buy ratings from top-rated analysts.
- Filter, analyze, and streamline your search for investment opportunities with TipRanks’ Stock Screener.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See Insiders’ Hot Stocks on TipRanks >>
Read More on JOBY:
- JOBY Slides after JP Morgan Analyst Downgrade
- Canaccord says FAA plan ‘nothing to do with’ Joby type certification schedule
- Joby, eVTOL peers slip after FAA unveils ‘Innovate28’ plan
- FAA issues plan for advanced air mobility operations ‘at scale’ by 2028
- Joby Aviation Nosedives after Advancing FAA Certification