Needham analyst Chris Pierce maintained his Buy rating on Joby Aviation (JOBY) and a Street-high $22 price target, implying 53.6% upside following the company’s third-quarter results. The analyst said Joby continues to make strong progress with its electric aircraft and is moving faster than expected toward commercial flights.
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Why the Analyst Is Bullish on the Stock
Pierce said Joby’s S4 aircraft continues to perform well, and the company is getting closer to flight approval. He believes recent progress has boosted investor confidence that Joby can start commercial flights sooner than expected.
He also pointed out that interest from overseas is growing, giving Joby more chances to expand beyond the U.S. In addition, U.S. test flights may begin earlier, which would be an important step toward full operations and help Joby stay ahead in electric aviation.
Pierce admitted that mass production and revenue plans are still developing, but he thinks Joby’s steady technical and regulatory gains outweigh those uncertainties. He said the company’s strong pace of progress supports a higher value for the stock.
Pierce believes the stock still has solid upside potential as the company moves closer to approval and early flight launches.
Is JOBY a Good Stock to Buy?
On TipRanks, JOBY stock has received a Hold rating based on one Buy, four Hold, and one Sell recommendation. The average JOBY stock price target is $15.50, implying a 8.24% upside from the current price.
