JPMorgan Cuts Joby Aviation Price Target to $7

Analysts cite concerns over the electric aircraft maker's execution and valuation.

Published on Feb. 26, 2026

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JPMorgan Chase & Co. has reduced its price target for Joby Aviation (NYSE:JOBY) from $8 to $7, maintaining an "underweight" rating on the stock. The analysts cited concerns over Joby's high cash burn rate of around $500 million per year and the company's rich valuation compared to its execution milestones. The report also noted that the stock is trading below key moving averages and that consensus analyst ratings lean towards "Reduce", which could amplify downside on any disappointment.

Why it matters

Joby Aviation is a key player in the emerging electric vertical takeoff and landing (eVTOL) aircraft market, which aims to provide zero-emission urban air mobility services. The company's ability to execute on its certification, production, and commercialization timelines will be crucial in determining its long-term success. Investors will be closely watching for signs of progress, as well as any potential challenges that could impact the stock's valuation.

The details

In its report, JPMorgan noted that Joby's high cash burn rate of around $500 million per year and its rich valuation compared to its execution milestones are key concerns. The analysts also highlighted that the stock is trading below key moving averages, and that consensus analyst ratings lean towards "Reduce", which could amplify downside on any disappointment.

  • JPMorgan Chase & Co. issued its updated price target and rating on Thursday, February 26, 2026.

The players

Joby Aviation

An aerospace company focused on developing electric vertical takeoff and landing (eVTOL) aircraft for urban air mobility.

JPMorgan Chase & Co.

A global financial services firm that provides investment banking, asset and wealth management, and commercial banking services.

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What they’re saying

“We must not let individuals continue to damage private property in San Francisco.”

— Robert Jenkins, San Francisco resident (San Francisco Chronicle)

The takeaway

Joby Aviation's ability to execute on its certification, production, and commercialization timelines will be crucial in determining its long-term success. Investors will be closely watching for signs of progress, as well as any potential challenges that could impact the stock's valuation.