Joby Aviation rallies after update, free cash flow forecast impresses
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Morgan Stanley kept an Overweight rating on Joby Aviation (NYSE:JOBY) after taking in the company’s earnings report and update on the compliance review process.
Analyst Kristine Liwag and team said they were pleasantly surprised that Joby provided a free cash flow outlook for 2022 -$340M to -$360M given the early life cycle of the company, which is noted to speak to the structure and management in place at Joby.
“We left the quarter optimistic on the steps forward Joby has taken to date, but acknowledge aircraft certification is a marathon and not a sprint.”
Joby Aviation (JOBY) is said to be continuing to progress on a path to aircraft certification with meaningful steps forward in the certification and manufacturing process, along with strides in pushing the flight envelope of the aircraft.
Shares of Joby Aviation (JOBY) are down 18.36% on a year-to-date basis amid the valuation reset across the broad market on long-term growth story stocks.
