Needham initiated coverage of Joby Aviation (JOBY) with a Buy rating and $8 price target. The firm sees Joby as best positioned to win early air taxi market share, leaning on their partnership with Uber (UBER) post Joby’s 2020 acquisition of Uber Elevate, the analyst tells investors. Joby is already testing and demoing their ElevateOS platform, the backbone of their future air taxi network, notes the firm, which adds that it is “broadly bullish” on FAA air taxi regulation and sees a path to share gains versus current transportation alternatives. The firm, which models an early stage $3B air taxi opportunity, notes that its FY29 air taxi revenue estimates is ahead of consensus.
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