The bank initiated the stock with a buy rating and a price of $14.80.
Hesai , the builder of lidar technology used in self-driving cars, could be in for strong gains after selling off following its U.S. initial public offering, according to Bank of America. The bank initiated coverage of Hesai with a buy rating and a price of $14.80. That implies an upside of over 45% from Thursday's close. Hesai's U.S.-listed shares debuted in February. Since then, the stock has fallen more than 46%.
" HSAI ALL mountain Hesai all-time chart Lo sees strong growth ahead for the company driven by new clients and projects, especially as the company continues to expand outside of China through strategic development programs with North American and European manufacturers. "We expect Hesai to ride on the ADAS [advanced driver assistance systems] industry takeoff and growing LiDAR penetration, and deliver 60% sales CAGR [compound annual growth rate] in 2023-25," she said.
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