Morgan Stanley and Canaccord cut Joby Aviation’s price targets to $13 and $11.50, citing Q1 results and updated models.
Morgan Stanley reduced its price target on Joby Aviation (JOBY) to $13 from $15, maintaining an Equal Weight rating. The firm cited improved visibility into 2026 milestones, including eIPP participation and public flight demonstrations.
Canaccord lowered its target to $11.50 from $15.50, keeping a Hold rating. The adjustment follows Joby’s Q1 results, with management reaffirming 2026 revenue guidance and cash use projections, supported by a $2.5B cash reserve. Progress in FAA certification testing was also noted.
Joby Aviation develops all-electric vertical take-off and landing aircraft, focusing on air taxi services.