Joby's aviation performance falls short of expectations, analyst downgrade stock price deemed overvalued.

After Joby Aviation announced a quarterly loss that exceeded expectations, Canaccord Genuity analyst Austin Mueller downgraded its rating to "hold," stating that although the company's growth is in line with expectations, its valuation is facing downward pressure. The target price of $17 set by the analyst is slightly below the current trading level. The analyst still remains optimistic about Joby's commercial development path in the long term.