JPMorgan upgraded Joby Aviation to Neutral from Underweight with an unchanged price target of $5. The firm says its call to downgrade Joby in July 2023 has largely played out since the middle of last year, with the company’s premium valuation now more in line with its historical norm. Joby will prioritize placing aircrafts in the most profitable use cases which could mean more direct aircraft sales over ridesharing at first, before shifting primarily to the owner-operator model over the longer-term, the analyst tells investors in a research note.
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