Analyst Bill Peterson downgraded the electric aircraft stock to underweight from neutral.
He also called the recent market reaction that sent shares up more than 60% at the end of June "largely overblown" and a likely result of short covering versus improving fundamentals. For the year, Joby shares are up 200%.
mountain Shares have tripled since the start of the year "To be clear, we like Joby's management team and solid execution on its certification timeline and low-volume manufacturing plans at this stage, and we appreciate the recent disclosure around range, payload, and battery technology," he wrote. "We continue to expect that the ramp for eVTOL commercialization will take longer with a much more gradual ramp up than is currently embedded in bullish expectations.
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