Joby Aviation's Prospects Soar, Price Target Raised at Needham

Needham analysts raised their price target for Joby Aviation (NYSE:JOBY) from $8 to $10 while maintaining a Buy rating, which reflects the company’s robust financial position and its strong potential in the emerging eVTOL (electric vertical takeoff and landing) market.

The update follows insights shared by Joby’s Chief Product Officer, Eric Allison, during the Needham Growth Conference. The discussion underscored the company’s readiness for a potential international debut in the UAE later this year and its progress toward FAA regulatory approval for domestic operations. These milestones could significantly bolster Joby’s position as a leader in the eVTOL industry.

The analysts’ higher price target incorporates an increased valuation multiple (10x from 7.5x previously) applied to Joby’s 2031 adjusted EBITDA, discounted back to reflect the company’s strengthened cash reserves. The additional $500 million raised in late 2024 enhances Joby’s financial flexibility, providing a solid safety net and reinforcing confidence in its long-term growth trajectory. With its innovative approach and solid backing, the analysts believe Joby Aviation remains a compelling investment in the cutting-edge eVTOL space.