BUZZ-Morgan Stanley hikes PT on air-taxi maker Joby Aviation
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Morgan Stanley has raised the price target on Joby Aviationfrom $7 to $15 while maintaining an "equal-weight" rating. The adjustment reflects lower aircraft deliveries but improved free cash flow and reduced capital expenditures. The new price target indicates a 13.6% downside from JOBY's last close. Recent flight tests in Dubai and Japan are seen as a step closer to making air taxis a reality. Joby recently priced a $514 million share sale, with mixed ratings from brokerages. Shares were slightly up premarket, with a 113.7% increase year-to-date.
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