Joby Aviation's stock took a hit in Friday's pre-market session, plummeting nearly 8% after JP Morgan downgraded the electric air taxi maker citing overvaluation risks.
The investment bank cut its rating on Joby from Neutral to Underweight while raising its price target slightly to $6 per share. In its note, JP Morgan argued that Joby's shares, along with those of competitor Archer Aviation, have "flown too far, too fast" amid a broader rally in speculative tech names.
The downgrades come as investors have bid up Joby, Archer and other futuristic transportation plays like electric carmaker Tesla in anticipation of a business-friendly regulatory environment under the new administration. However, the JP Morgan analyst warned that the stocks are trading as if key milestones like aircraft certification have already been achieved, which is not the case.
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