VinFast Auto (NASDAQ:VFS) shares rallied nearly 22% in the early session today after the electric vehicle maker announced that it will represent Vietnam and showcase its latest VF 9 model at Dubai’s annual United Nations summit on climate change (COP28).
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The summit is expected to host more than 70,000 delegates from around the world. The company will discuss green mobility solutions and sustainable development strategies at the summit. Madame Le Thi Thu Thuy, the Global CEO of VinFast and Vice Chairwoman at Vingroup, will be part of a panel discussion with global leaders on “Strengthening Sustainable Supply Chain Resilience.”
Moreover, the company will showcase VF 9, its highest-end EV model, for the first time in the region at the summit. The all-electric SUV boasts up to 402 horsepower and a range of 330 miles. Importantly, the vehicle also offers the advanced driver assistance system (ADAS) feature.
What is the Target Price for VFS?
Today’s price gains follow a nearly 41% jump in the company’s share price over the past month. Overall, the Street has a Moderate Buy consensus rating on VinFast, and the average VFS price target of $9.50 implies a 25.7% potential upside in the stock.
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