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Investing.com - Citi has upgraded Ecovacs Robotics Co Ltd (603486:CH) from Neutral to Buy, while significantly raising its price target to RMB87.10 from RMB56.10.
The upgrade comes as Citi sees Ecovacs entering a recovery cycle with rapid sales growth and margin expansion, driven by well-received new robot vacuum products both domestically and internationally.
Citi expressed optimism about Ecovacs’ ability to gain robot vacuum market share in Europe and Asia-Pacific markets (excluding China), potentially at the expense of market leader iRobot (NASDAQ:IRBT).
The investment bank has raised its 2025 and 2026 net profit forecasts by 27% each to account for stronger-than-expected preliminary second-quarter 2025 sales and earnings results.
Citi has also opened a 30-day upside Catalyst Watch on Ecovacs, expecting management to share positive updates on Amazon (NASDAQ:AMZN) Prime Day and provide a more bullish outlook when the company releases its results.
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