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Investing.com - BofA Securities upgraded Eve Energy Co Ltd (SZ:300014) from Underperform to Buy and raised its price target to RMB70.00 from RMB37.00 on Friday.
The upgrade reflects BofA’s expectation of improved profitability for the Chinese battery maker in the second half of 2025 through 2027, driven by scale effects and an enhanced customer mix.
BofA Securities anticipates higher growth in Eve Energy’s energy storage system (ESS) battery shipments during 2025-2027, contributing to the company’s improved outlook.
The firm also cited rapid electrification of commercial vehicles in China as a key factor supporting solid demand for Eve Energy’s electric vehicle batteries over the next three years.
Following the upgrade, BofA Securities has increased its shipment forecasts for Eve Energy by 1%, 3%, and 5% for 2025, 2026, and 2027 respectively, while adjusting its 2026 and 2027 earnings forecasts upward by 3% and 16%.
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