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Joby Aviation (JOBY) shares rallied nearly 20% this morning after the air taxi company said it has “successfully completed a series of piloted” eVTOL flights in Dubai.
According to its press release on Monday, the tests included full transition flights, in which the aircraft takes off vertically, then flies like a traditional airplane before ultimately landing vertically again.
Including today’s surge, JOBY stock is up roughly 100% versus its year-to-date low in early April.
Here’s What It Means for Joby Aviation Shares
Successfully completing piloted eVTOL flights in Dubai is significant for Joby Aviation since it signals its technical readiness and strengthens its overall credibility in a real-world, regulatory-rich environment.
What the air taxi startup announced today aren’t simulation-based milestones – they’re high-stakes demonstrations in partnership with local authorities, including RTA and the GCAA.
JOBY’s press release also validates its path toward commercial operations by next year (2026), under its exclusive six-year agreement in Dubai.
For a company currently navigating certification, infrastructure buildout, and first-mover pressure, the milestone offers a rare blend of tangible progress and future revenue visibility.
It’s this optimism that’s driving Joby Aviation shares up on Monday.
Canaccord Reiterates Bullish View on JOBY Stock
The piloted test flights news made Canaccord analysts reiterate their “Buy” rating on JOBY stock with a $12 price target, indicating potential upside of another 11% from current levels.
Canaccord expects the NYSE-listed firm to notably benefit from Toyota’s (TM) $500 million investment.
It also expressed confidence in the Megatent expansion that will increase the production capacity at Joby Aviation’s Marina factory from one eVTOL to as many as four per month.
Investors should note, however, that JOBY shares are more expensive to own than Archer Aviation (ACHR) at current levels. They’re going for a price-to-book ratio of 8.71x at writing – well above 5.75x on ACHR.
Should You Buy Joby Aviation Shares Today?
Wall Street recommends holding Joby Aviation shares since much of the good news may already be priced in following today’s rally.
According to Barchart, the consensus rating on JOBY stock currently sits at “Hold” only with the mean target of about $8.25 indicating potential downside of just under 25% from here.
On the date of publication, Wajeeh Khan did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
