Electric vertical take-off and landing (eVTOL) company Joby Aviation ( JOBY 4.56% ) came to the market in 2021 and has outperformed the S&P 500 ( SNPINDEX: ^GSPC) over the last three years (336% to 75%) and over the last year (73% to 13%) as investors have warmed to the eVTOL investing theme and Joby Aviation in particular. However, the key question now is whether it can continue.

The bears' case for Joby Aviation

It's no secret that Wall Street is reluctant to issue "sell" recommendations, so when an analyst at a heavyweight like Goldman Sachs makes one, it's a good idea to take it seriously. The analyst's recommendation and $10 price target (compared to the current price of about $15) stem from a combination of valuation concerns and the fear that its integrated busines

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