According to @stocktalkweekly, Goldman Sachs initiated JOBY Aviation (JOBY) at Sell with a 10 USD price target implying 29% downside versus a 29% average total return for its coverage universe, framing a bearish near-term risk-reward for the stock, per @stocktalkweekly. According to @stocktalkweekly, Goldman cites JOBY’s status as the oldest eVTOL manufacturer (founded 2009) and its more than 40,000 eVTOL miles flown as industry-leading heritage metrics, per @stocktalkweekly. According to @stocktalkweekly, Goldman questions the valuation premium tied to any certification lead due to uncertainty around whether certification stages are linear, undisclosed aircraft payload, and the time required to ramp manufacturing capacity, per @stocktalkweekly. According to @stocktalkweekly, Goldman believes the eVTOL industry may advance in tandem with limited first-mover certification advantage, and warns that JOBY’s plan to act as OEM, supplier, and operator could dilute focus and demand more time and capital, per @stocktalkweekly. According to @stocktalkweekly, Goldman adds that while the aircraft operator market could be large, it is cost intensive, time-consuming due to consumer education needs, faces regulatory hurdles, and inherently reduces aftermarket potential, per @stocktalkweekly. No direct cryptocurrency market impact was cited, according to @stocktalkweekly.