BUZZ-Needham initiates coverage on Joby with 'buy' rating

Reuters11-20 00:51

** Shares of air-taxi maker Joby Aviation JOBY.N up 7% at $6

** Needham initiates coverage on JOBY with "buy" rating; with stock PT at $8

** "We see JOBY best positioned to win early air taxi market share" - Needham analyst Chris Pierce

** An early software focus is "encouraging", with JOBY already testing their ElevateOS platform - brokerage

** Brokerage says it is broadly bullish on the U.S. Federal Aviation Administration air-taxi regulation

** Five of nine brokerages rate the stock "buy", three "hold" and one "sell"; their median PT is $8.50, according to data compiled by LSEG

** Up to last close, stock down 15.64% YTD

(Reporting by Anshuman Tripathy)

((Anshuman.Tripathy@thomsonreuters.com))

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