VinFast Auto price target lowered to $8 from $9 at Cantor Fitzgerald

Cantor Fitzgerald lowered the firm’s price target on VinFast Auto to $8 from $9 and keeps an Overweight rating on the shares. VinFast reaffirmed its FY24 annual delivery guidance of 100,000 vehicles and expects the more significant delivery ramp-up to occur in 2H24, with 4Q24 being the strongest, followed by 3Q24, the analyst tells investors in a research note. The firm’s base case continues to model 80,100 vehicle deliveries in FY24 including e-buses, and that is conservative, given the industry slowdown in EV demand, Cantor says.