Joby Aviation shares fell 12.39% on June 5, 2026.
Morgan Stanley lowered its price target for the stock from $15 to $13. The firm maintained an Equalweight rating while expressing caution regarding the company's path to market.
Analysts cited potential Federal Aviation Administration (FAA) certification delays as a primary concern. The revision also reflects risks associated with commercializing electric vertical take-off and landing (eVTOL) aircraft.
Joby Aviation shares closed the session at $9.76. The new $13 target still implies potential upside from the current closing price.