Why Joby Aviation Stock Soared Today [Yahoo! Finance]
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Source: Yahoo! Finance
12.8%. Meanwhile, the S&P 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%. Are You Missing The Morning Scoop? Wake up with Breakfast news in your inbox every market day. Sign Up For Free » 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. Notably, Needham also initiated coverage on Archer Aviation with a bullish rating today. Archer is one of Joby's most high-profile competitors in the flying-taxi space, but
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