Analyst Edison Yu downgraded the stock to sell from hold. Yu also cut $2 off his price target to make it $4. His new target implies the stock could slide 11.1%.
Yu noted that the weight of the aircraft has raised questions and led him to wonder if the design is "overly aggressive." He said the current design relies on parts that have high performance but are more difficult to get approved by regulators.
Yu said Joby is currently building an iteration of its eVOTL that's "company conforming," meaning it will not get any testing credit with the Federal Aviation Administration when it has a pilot onboard. He also said there is not good visibility on the regulation and certification process for its aircraft with different parts of the project at different stages. Joby previously pushed out its certification process to late 2024 from 2023.
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