Shares of Joby Aviation, an electric vertical takeoff and landing (eVTOL) aircraft maker, plummeted by 7.92% in pre-market trading on Friday. This sharp decline followed a downgrade by J.P. Morgan analyst Bill Peterson, who lowered the stock's rating from Hold to Sell.
According to Peterson, Joby Aviation and its competitor Archer Aviation have seen their stock prices "fly too far, too fast" amid a broader rally in speculative tech names. The analyst believes that the companies' shares are trading as if they have already secured aircraft certification from the Federal Aviation Administration (FAA), which is not the case yet.
While Peterson acknowledges that a potential deregulation under the new administration could streamline the FAA approval process, he cautions that Joby and Archer will still need to meet stringent safety standards and undergo extensive testing to mitigate reputational risks in this nascent market.
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