Aurora Innovation initiated with an In Line at Evercore ISI

Evercore ISI analyst Chris McNally initiated coverage of Aurora Innovation with an In Line rating and $4 price target. Aurora, which has “one of the top teams in autonomous,” could be “a VERY compelling story in time, but the firm doesn’t think “it’s time just yet for the equity to take off,” the analyst tells investors. However, as visibility increases post 2025 launch, additional customer wins and a “clear first mover advantage” could mean investors could begin to appreciate and capitalize on “the very attractive unit economics of AV trucking in a SaaS model,” the analyst added.