H.C. Wainwright raised the firm’s price target on Joby Aviation (JOBY) to $13 from $9 and keeps a Buy rating on the shares. Last Friday’s Executive Order accelerates market development for electric vertical take-off and landing and drones within the public safety, defense, and military verticals, the analyst tells investors in a research note. The firm believes the expanding use of drones in the Russia-Ukraine conflict is compelling national defense interests, globally, to significantly expand the inclusion of drones and eVTOLs in their security infrastructure. H.C. Wainwright’s long-term projections now more meaningfully include revenue contributions from these applications. Joby is already working with the military and has already delivered its first aircraft to Edwards Air Force Base in 2023, adds the firm.
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