Goldman Sachs initiated coverage of Joby Aviation (JOBY) with a Sell rating and $10 price target which implies 29% downside. While Joby “appears to be in pole position” among the electric vertical take-off and landing sector on certification, it is unclear if certification stages are linear and where competitors stand, the analyst tells investors in a research note. Goldman questions the value of the company’s lead that is implied in the valuation, saying the aircraft payload is not disclosed and manufacturing capacity will take time to ramp.
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