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. While the stock is “marginally more de-risked” than the 2023 period, the shares are trading as though type certification has already been successfully completed, the analyst tells investors in a research note. The firm believes Joby’s fundamental story appears to be largely unchanged and “still mostly binary” hinging on certification. The downgrade reflects JPMorgan attempting to balance the near-term relative outperformance with its expectations that the shares may potentially retreat once “Trump 2.0 impacts and volatility are further digested.”