Joby Aviation (JOBY) traded higher as investors reacted to a bullish research update from Morgan Stanley that lifted its price target to $15 from $7 while reiterating an Equal Weight rating. The note pointed to Joby’s ongoing certification progress and referenced recent aircraft flight tests in Dubai and Japan as steps that make commercial air taxi service feel closer to achievable execution.

Joby is in a catalyst-heavy window where incremental operational milestones can change sentiment quickly. Morgan Stanley also said it is adjusting its forecasts to reflect fewer aircraft deliveries but improved free cash flow dynamics, helped by better economics and significantly lower capital spending expectations—an angle that can resonate after prior investor concerns about funding needs and dilution.

Near-term focus is likely to stay on certification pacing and the cadence of flight-test updates, since these are the gating items for scaling and monetization. Any concrete updates tied to for-credit FAA testing, timelines for initial UAE passenger service, or evidence of repeatable manufacturing progress could amplify momentum, while delays or new financing needs could quickly pressure the stock again.