Morgan Stanley downgraded Joby Aviation (JOBY) to Equal Weight from Overweight with a price target of $7, down from $10. The uncertainty regarding tariffs increases the risk of further disruption of an “already vulnerable supply chain” in light of Boeing’s execution challenges and COVID-19, the analyst tells investors in a research note. The firm prefers quality and defensive equities in this environment. The analyst does not expect Joby’s stock to outperform in a “slower growth, risk-off macro environment.”
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