Joby Aviation is an early standout in the rapidly evolving air taxi race, according to Morgan Stanley analysts in their first ratings report on the eVTOL developer since it went public in August.
Is Joby Aviation Wall Street’s New Darling of eVTOL?
Key Takeaways:
- Morgan Stanley initiated Joby Aviation with an "Overweight" rating and a $16 target price, positioning it as an early leader in the rapidly emerging eVTOL air taxi market, projected to grow to $9 trillion by 2050.
- The positive assessment, based on a 5-10 year outlook, acknowledges substantial risks, including Joby's dual role as an aircraft manufacturer and an airline, and its critical need for FAA certification by 2023 for expected commercial service in 2024.
- Joby has demonstrated progress with recent achievements such as partnering with NASA for noise assessment, achieving a 150-sm flight range, and securing strategic investments from Toyota and Uber.
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