BofA lowered the firm’s price target on Hesai to $7 from $9.60 and keeps a Buy rating on the shares after the company reported Q4 results. Factoring in the Q4 results, the firm lifted its lidar shipment forecasts by 20% and 8% in 2024 and 2025, respectively, but lowers its 2024 and 2025 revenue estimates by 9% and 19% given the product mix change and average selling price cuts. The firm continues to view Hesai as “the leader in lidar industry with huge growth potential,” the analyst added.
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