Morgan Stanley stayed bullish on Joby Aviation ( NYSE: JOBY ) following a tour of the company's manufacturing facility in California.
Analyst Kristine Liwag said the main takeaway from the visit is that Joby continues to make progress in its plans to roll out commercial service.
"We saw tangible examples of the company's vertical integration efforts. At the facility, we saw composite fabrication (both automated and manual) and three autoclaves for curing."
Liwag and team were particularly impressed with the engineering and design teams for in-house battery integration, electric motors, and flight electronics.
Joby is said to have gathered a knowledgeable talent roster with combined experience across aviation certification, manufacturing, electric vehicles, automotive, and airline operations.
In addition, Morgan Stanley was positively surprised by the level of maturity of the company's testing processes that will be crucial for FAA certification on hardware, software, and the integrated system
Morgan Stanley has an Overweight rating on JOBY and price target of $12.
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Joby Aviation impresses Morgan Stanley with commercial service progress