Electric aviation continues to draw attention, and Goldman Sachs is the latest firm to weigh in on the sector. Goldman Sachs analyst Anthony Valentini just launched coverage on Joby Aviation (JOBY) and Archer Aviation (ACHR) with two very different views.
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Both companies are still working toward FAA approval and plan to launch commercial flights in 2026. However, Goldman says the outlook isn’t the same for each. The firm sees differences in valuation, business strategy, and how quickly each company may be able to execute.
Joby Aviation: Goldman Warns of Potential Downside
Goldman started coverage on Joby with a Sell rating and a $10 price target, which signals about 31% downside from current levels. Valentini noted that Joby is the oldest company in the eVTOL space, founded in 2009, and has logged over 40,000 miles of electric air taxi test flights.
Goldman said Joby may be ahead in the FAA approval process, but the firm is unsure how meaningful that lead is. Valentini noted that some key details, such as payload, are still not public, and scaling production will take time. He added that certification may not move in order, so rivals could still catch up.
Goldman also raised concerns about Joby’s business approach. The company wants to design the aircraft, supply parts, and run the air taxi service. The analyst said this could be rewarding, but it may also take more time, money, and approvals. In his view, being first may not guarantee long-term advantage unless the business can scale smoothly.
Archer Aviation: Goldman Sees Upside but Stays Cautious
For Archer, Goldman began coverage with a Neutral rating and an $11 price target, indicating about 41% upside from current levels. The firm said Archer has made fast progress and has narrowed the gap with Joby by outsourcing about 80% of its parts to experienced aerospace suppliers. This approach helped cut costs and speed up development.
However, Goldman said that by outsourcing most parts, Archer may give up some higher-margin aftermarket revenue in the future. Even so, Valentini believes the aircraft could still be one of the strongest in the sector based on its weight and payload potential.
Goldman also sees upside in Archer’s defense work with Anduril, but said it’s still early, with no confirmed U.S. defense program yet.
Wall Street’s Take on ACHR and JOBY Stocks
Using TipRanks’ Stock Comparison Tool, we compared Archer and Joby Aviation to see which air taxi stock analysts currently favor. Archer stands out with a Strong Buy rating, while Joby holds a Hold rating.
Analysts see greater upside potential in Archer, with an average price target of $12.40, implying about 59% upside from current levels. In contrast, Joby’s average price target of $15.50 points to a possible 7% upside.
Bottom Line
Goldman sees promise in both companies but believes the market may be pricing in too much optimism, especially for Joby. Archer gets credit for moving quickly and having a more focused plan, but Goldman still isn’t ready to label it a Buy. For now, the firm prefers companies with clearer revenue opportunities after launch and fewer regulatory hurdles.