Joby Aviation (JOBY) shares plummeted 5.03% in intraday trading on Thursday, as the electric air taxi company faced increased competition and a lowered price target from a major analyst. The stock's sharp decline comes amid a mixed day for the broader market, with major indices showing slight losses.

The sell-off in Joby Aviation shares appears to be triggered by two key factors. First, rival Blade Urban Air Mobility announced a pilot program for Manhattan-Westchester commuter flights, set to launch on December 1st. The program, which will offer daily weekday flights priced between $125 and $225, represents a significant step forward in the commercialization of urban air mobility services. This move by Blade could potentially challenge Joby's market position in the emerging eVTOL (electric vertical takeoff and landing) sector.

Adding to the pressure on Joby's stock, Deutsche Bank adjusted its price target for the company to $7 from $6, while maintaining a Sell rating. This adjustment, despite being a slight increase, still implies significant downside from current levels and reaffirms the bank's cautious stance on Joby's near-term prospects. The combination of increased competition and skeptical analyst views appears to have spooked investors, leading to the sharp decline in Joby's share price.

Despite the day's losses, it's worth noting that Joby Aviation had reported better-than-expected quarterly revenue earlier in the week, which had initially provided some support to the stock. However, today's developments seem to have overshadowed those positive results, highlighting the volatile nature of the emerging urban air mobility market and the challenges Joby faces as it works towards certification and commercialization of its electric aircraft.