Joby Aviation downgraded to Underweight from Neutral at JPMorgan

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.