Toyota investment shows ‘strong commitment’ in Joby, says H.C. Wainwright

H.C. Wainwright analyst Amit Dayal maintains a Buy rating on Joby Aviation with a $9 price target after the company announced Toyota Motor (TM) intends to invest $500M in Joby’s common stock, with the proceeds expected to support the certification and commercial production of the company’s electric air taxi. The firm believes Toyota’s continued investment in Joby “signals a strong commitment” by existing strategic investors to bring Joby’s electric vertical take-off and landing aircrafts to commercialization. The analyst maintains that Joby shares are attractively positioned at current levels, roughly 50% below its special purpose acquisition company debut.