Joby Aviation flight test ‘significant milestone,’ says Cantor Fitzgerald

Cantor Fitzgerald analyst Andres Sheppard says shares of Joby Aviation rallied yesterday after the company announced it had successfully conducted a 523 miles hydrogen-powered test-flight, using water as the only by-product. This is a “significant milestone,” since Joby demonstrated that electric vertical take-off and landings may be applicable to longer routes, through the use of hydrogen, the analyst tells investors in a research note. The firm expects this to open the potential for longer-routes and regional journeys, thereby connecting more networks, and increasing the total addressable market, over the long-term. Cantor remains bullish on the shares with an Overweight rating and $10 price target.