Joby Aviation Posts Q3 Beat, Analysts Are 'Bullish On More Air Taxi Routes'

Shares of Joby Aviation Inc (NYSE:JOBY) came under pressure on Tuesday, after rallying on Wednesday following its third-quarter results.

Here are some key analyst takeaways:

• JPMorgan analyst Bill Peterson maintained an Underweight rating and an $8 price target.
• Needham analyst Chris Pierce reiterated a Buy rating and a $22 price target.

Check out other analyst stock ratings.

JPMorgan: Joby reported an adjusted EBITDA loss of $133 million, in-line with consensus, Peterson said in a note. Cash use was $152 million and is expected to come in at the higher end of the $500-$540 million full-year range, which implies a small step down in the fourth quarter, "likely due to non-recurring acquisition costs," he added.

The focus during the earnings call was on the company advancing towards TIA testing and scaling up manufacturing, the analyst stated. "We continue to view Joby's progress as a US eVTOL leader favorably, as the team enters the final stage of FAA certification via power-on testing of its first TIA aircraft, a major milestone that sets the stage for for-credit flight testing with FAA pilots in early 2026," he further wrote.

Needham: Joby is ramping production of their conforming propeller blades and beginning power-on testing of their first conforming aircraft, Pierce said. This is the first step before the for-credit FAA pilot flight testing in 2026, which would set the stage for an eventual FAA certification, he added.

"We’re bullish on increased expanded air taxi routes and updated pricing strategies targeting higher net worth commuters," the analyst wrote. Joby Aviation's technical and regulatory momentum warrants a premium multiple, he further stated.

DUOL Price Action: Joby shares declined by 3.0% to $14.45 at the time of publication on Thursday.

Read More:

• Joby Aviation Stock Rises As FAA-Conforming Aircraft Enters Power-On Testing Phase

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