Air taxi names are under pressure after Goldman Sachs initiated coverage on Joby Aviation $JOBY ( ▲ 0.7% ) , Archer Aviation $ACHR ( ▲ 5.06% ) , and Beta Technologies $BETA ( ▲ 6.92% ) . All three are trading lower as the bank’s first wave of research lands with investors.
Goldman said Joby appears to be in pole position for certification but still rated the stock a sell with a price target that sits about 30 percent below Friday’s close. Analyst Anthony Valentini said it remains unclear how far competitors have progressed in the same process.
Archer received a neutral rating and praise for its efforts to rein in spending. Beta Technologies, which only recently hit the public markets, earned the most bullish view with a buy rating and a target that implies meaningful upside.
The trio represents the core of the emerging US air taxi sector, but Monday’s reaction shows investors are still grappling with timelines, capital needs, and uncertainty around who reaches commercial scale first.