H.C. Wainwright Reiterates Buy Rating on Joby Aviation Inc (JOBY)

H.C. Wainwright analyst Amit Dayal reiterated a Buy rating and $9.00 price target on Joby Aviation Inc (NYSE: JOBY).

The analyst commented: "Joby announced completing static load testing of the tail structure, marking the first time the company has tested a major aerostructure of its aircraft for-credit with the U.S. Federal Aviation Administration (FAA) representatives present. We have previously highlighted that the regulatory milestone completions would be positive catalysts for Joby's stock as these milestones directly address the commercialization de-risking that investors are looking for. These milestones also allow, in our opinion, the company to prepare for its eVTOL manufacturing. The stock has seen a marked increase in average daily trading volumes over the last month with multiple positive announcements taking place, including the continuing partnership with Toyota (TM; not rated). Though this is not material to the business fundamentals for either company, and seems more about bragging rights, we believe Joby is now in a two-horse race with Archer Aviation (ACHR; Buy) to see who can be first to launch commercial operations. We believe the next few quarters will be very news-heavy, and we expect the stock to remain volatile during this period. Overall, we remain bullish on the eVTOL industry and expect Joby to emerge as one of the leaders in this industry. Reiterate Buy rating and $9.00 PT."

For an analyst ratings summary and ratings history on Joby Aviation Inc click here. For more ratings news on Joby Aviation Inc click here.

Shares of Joby Aviation Inc closed at $8.24 yesterday.

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