Joby drops after Morgan Stanley downgrades on tariffs impact

Joby Aviation's JOBY.N shares down 2.8% premarket to $5.85 after Morgan Stanley downgrades electric air taxi maker to 'equal-weight' from 'overweight', citing volatile macro landscape

Brokerage reduces PT by $3 to $7 vs Wall Street median of $9, per LSEG data

Morgan Stanley says uncertainty regarding tariffs increases risk of further supply chain disruption in preview note on the aerospace industry

Recent U.S. trade policy may weigh meaningfully on economic growth and harm corporate confidence, Morgan Stanley says

The analysts say they don't expect Joby's stock to outperform in a "slower growth, risk-off macro environment"

However, Morgan Stanley says remains positive on long term eVTOL (electric vertical take-off and landing) opportunity and views Joby's recent progress toward aircraft certification favorably

In Oct, Toyota Motor Corp 7203.T made an additional $500 mln investment in the Santa Cruz, California-based firm to support certification and commercial production

Now, of 9 brokerages covering JOBY, 4 rate "buy", 3 rate "hold" and 2 recommend "sell" - LSEG

Through Thurs close, JOBY shares had lost 26% YTD