Bitcoin price today: dips below $112k, near 6-wk low despite Fed cut bets
On Wednesday, BofA Securities adjusted its price target for Hesai Group (NASDAQ:HSAI) shares, reducing it to $21.00 from the previous $22.00. With the stock currently trading at $14.67 and a market capitalization of $1.73 billion, the firm continues to recommend a Buy rating. According to InvestingPro data, analysts maintain a strong buy consensus with price targets ranging from $15.09 to $35.79. The adjustment followed Hesai’s recent announcement of new products in its lidar solutions portfolio aimed at autonomous driving systems.
Hesai introduced a new suite of lidar products on April 21, designed to cater to different levels of autonomous driving. The company’s new offerings include the AT1440, an ultra-high-definition lidar, the ETX for ultra-long-range detection, and the FTX, a solid-state lidar for blind spot detection. These products are part of Hesai’s strategy to strengthen its position in the advanced driver-assistance systems (ADAS) and autonomous driving markets. InvestingPro analysis shows the company maintains strong financial health with a current ratio of 2.87 and holds more cash than debt on its balance sheet, providing solid backing for its product development initiatives.
The lidar solutions unveiled by Hesai are collectively known as "null Eye" and are available in three configurations. The "null Eye A" package combines four AT1440 lidars with four FTX lidars, the "null Eye B" includes one ETX lidar and two FTX lidars, and the "null Eye C" features a single ATX lidar. These packages are tailored to different levels of vehicle autonomy, ranging from L2 ADAS to L4 high-level autonomous driving systems.
Hesai’s product launch demonstrates the company’s commitment to innovation and its focus on meeting the diverse needs of the autonomous vehicle industry. The introduction of these new lidar solutions is expected to enhance Hesai’s product lineup and potentially increase its market share in the rapidly evolving sector of autonomous driving technology.
BofA Securities’ revised price target reflects the latest developments within Hesai Group, as the firm anticipates the new product lineup to contribute positively to Hesai’s growth trajectory. The maintained Buy rating aligns with promising growth prospects, as InvestingPro data indicates analysts expect revenue growth of 62% in the current year. The stock has shown remarkable momentum with a 186% return over the past six months, though current valuations suggest the stock may be trading above its Fair Value. For deeper insights into Hesai’s financial health and growth prospects, investors can access the comprehensive Pro Research Report, available exclusively to InvestingPro subscribers.
In other recent news, Hesai Group has been recognized as the leading automotive lidar company by market share for the fourth consecutive year, capturing 33% of the global market by revenue in 2024, according to a report by Yole Group. The company’s significant presence in both ADAS-enabled passenger cars and the robotaxi segment has been highlighted, with notable growth in China’s market. Additionally, Hesai has announced its AT128 lidar model will be integral to the first L4 autonomous Robotaxi, a collaboration between Didi Autonomous Driving and GAC Aion, set for deployment in 2026. The Robotaxi will utilize multiple AT128 sensors to ensure comprehensive situational awareness. In another development, Hesai’s lidar technology will equip 1,000 Apollo Go robotaxis in Dubai, marking a significant step in the adoption of autonomous driving solutions. Furthermore, Hesai has partnered with Chery Automobile to integrate its ATX Lidar into Chery’s iCAR brand, with mass production expected in late 2025. This collaboration aims to enhance safety and navigation features in iCAR vehicles. Hesai’s scalable product portfolio is projected to deliver 1.2 to 1.5 million lidar units in 2025, supported by automated production lines capable of producing 2 million units annually.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.