Joby Aviation price target lowered to $9.75 from $10.50 at Canaccord

Canaccord analyst Austin Moeller lowered the firm’s price target on Joby Aviation (JOBY) to $9.75 from $10.50 and keeps a Buy rating on the shares. The firm noted they finalized its $232M equity raise at $5.05/share but found the timing of the raise to be somewhat surprising given thye are the best-capitalized of the public eVTOL companies today and has another $500M in capital incoming from Toyota (TM) by early-mid 2025.