Why Joby Aviation Stock Soared Today
Joby Aviation (NYSE: JOBY) stock posted big gains in Tuesday's trading. The flying-taxi specialist's share price ended the daily trading session up 12.8%. Meanwhile, the S 500 (SNPINDEX: ^GSPC) and the Nasdaq Composite (DJINDICES: ^DJI) index closed out the day's trading up 0.4% and 0.28%, respectively.
Joby's valuation climbed today after Needham initiated coverage on the stock with a buy rating and a one-year price target of $8 per share. Even after today's gains, the firm's price target suggests near-term upside of roughly 26%.
In its initiation of coverage on Joby, Needham said that it viewed the company as being the likely winner in the race for early share in the flying taxi market. Needham views Joby's partnership with Uber as a key competitive advantage, and it also has a favorable view on the company's ElevatOS software platform.
Source Fool.com
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