BUZZ-Air taxi firm Joby rises after H.C. Wainwright hikes rating to 'buy'

Reuters02-26
BUZZ-Air taxi firm Joby rises after H.C. Wainwright hikes rating to 'buy'

** Shares of Joby Aviation JOBY.N rise 8.25% to $10.63 premarket

** Brokerage H.C. Wainwright upgrades rating of air taxi firm to "buy" from "neutral"; maintains PT at $18

** Says co's Uber UBER.N Air announcement should serve as a turning point for stock to begin its next growth leg as it moves into its commercialization phase

** On Wednesday, co announced partnership with Uber to launch electric air taxi booking

** "Investors do need to keep in mind that certification delays may be possible, cash burn will remain high and co will only be generating modest revenues from its Blade operations in the near-term" - brokerage

** Median PT of 11 brokerages covering JOBY is $15.25 - data compiled by LSEG

** As of last close, stock down 31.61% YTD

(Reporting by Anshuman Tripathy)

((Anshuman.Tripathy@thomsonreuters.com))

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