Joby Aviation price target raised to $15 from $7 at Morgan Stanley

Morgan Stanley raised the firm’s price target on Joby Aviation (JOBY) to $15 from $7 and keeps an Equal Weight rating on the shares. Joby continues to make “meaningful progress” toward its aircraft certification progress, notes the analyst, who is “meaningfully changing” the firm’s estimates for the company to reflect lower aircraft deliveries, but better free cash flow on modestly improved economics and significantly lower capital spending. The company’s recent aircraft flight tests in Dubai and Japan “make the air taxi dream closer to reality for investors,” the analyst added.