BofA initiated coverage of Hesai (HSAI) with a Buy rating and $14.80 price target. The firm forecasts a 60% revenue CAGR in 2023-25 for Hesai, driven by a “solid” new client and project lineup and sees “a clear breakeven timeline,” the analyst tells investors. Hesai is “a global leader in LiDAR” that now supplies to OEMs Li Auto (LI), Jiyue, Lotus, HiPhi, and Seres and will start to supply to BYD, SAIC, Changan, Leap Motor, and Xiaomi in 2024, the analyst added.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See the top stocks recommended by analysts >>
Read More on HSAI:
- Hesai provides statement on ‘misinformation in the market’
- Hesai Statement Correcting Recent Misinformation in the Market
- Hesai announces European market debut with its automotive lidar
- Ouster statement on enforcement of patents against Hesai
- Hesai announces initial determination from ITC regarding Ouster patent case