Goldman Sachs analyst Tina Hou downgraded Hesai to Neutral from Buy with a price target of $12.40, down from $25, post the Q2 report. The analyst believes the lower volume is a result of slower than expected LiDAR adoption by car manufactures. To reflect lslower LiDAR adoption progress, the firm cut its 2023 through 2025 revenue estimates by up to 40% and downgraded Hesai.
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