2024-05-22 20:35:12 ET
Summary
- Since my sell rating, Joby has fallen ~45% due to delayed commercialization expectations, increased competition, and stricter regulations.
- Joby has made notable progress with FAA certification, though potential delays may allow other markets to commercialize first, and the company continues exploring aircraft sales alongside operations to boost profitability.
- The industry faces huge risks and uncertainties, but Joby's strong balance sheet and recent milestones position it well, leading me to update Joby to Hold with a $4.4 price target.
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Joby Aviation: From Sell To Hold As Certification And Sales Strategy Evolve