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On Monday, Jefferies began coverage of EHang Holdings (NASDAQ:EH), a company specializing in autonomous aerial vehicle (AAV) technology, with a Buy rating and a price target of $30.40. Currently trading at $18.82, InvestingPro data shows the stock appears fairly valued based on its proprietary Fair Value model, with analyst targets ranging from $20.08 to $31.15. The firm’s analyst pointed to the burgeoning low-altitude economy and the significant total addressable market (TAM) potential as key factors for the positive outlook.
According to the analyst, the global TAM for the sector is expected to expand from $0.9 billion in 2025 to more than $1.92 trillion by 2050. This growth is anticipated to be driven by unmanned aerial vehicles (UAVs), electric vertical take-off and landing (eVTOL) aircraft, and smart infrastructure. The analyst emphasized that early movers in UAV/eVTOL manufacturing and smart infrastructure are well-positioned to benefit from this market expansion. InvestingPro data reveals EHang has already demonstrated impressive growth, with revenue surging 288% in the last twelve months and analysts forecasting 98% growth in the current fiscal year.
EHang’s strategic positioning as a leading eVTOL and urban air mobility (UAM) platform operator was highlighted. The analyst drew parallels between EHang’s business model and a combination of "Tesla+Uber" within the low-altitude economy space, indicating the company’s dual focus on eVTOL manufacturing and UAM platform operations.
The report also noted the supportive policies and technological advancements bolstering the sector’s growth. National initiatives like the General Aviation Equipment Innovation Application Plan (2024–2030) and the inclusion of low-altitude economy plans in many Chinese cities’ 2026-27 agendas are expected to accelerate research and development and commercialization efforts.
EHang and its joint venture company in Hefei, Hefei Heyi, have achieved a significant milestone by obtaining the world’s first pilotless eVTOL air operator certificate (OC) from the Civil Aviation Administration of China (CAAC) in March 2025. This achievement, which followed the acceptance of their OC applications in July 2024, positions them as pioneers in the commercialization of eVTOL technology.
The analyst believes that the secured OC will expedite the delivery of EHang’s 1,000+ units of intent orders from clients, which in turn is expected to contribute to higher annual revenue for the company. With a robust gross profit margin of 61.37% and a healthy current ratio of 2.89, InvestingPro analysis indicates strong operational efficiency. Investors can access 12 additional exclusive ProTips and comprehensive financial metrics through InvestingPro’s detailed research report, with the next earnings announcement expected on May 29, 2025.
In other recent news, EHang Holdings reported a remarkable 190% increase in revenue for Q4 2024, reaching RMB 164.3 million, surpassing analysts’ expectations. The company’s earnings per share also beat forecasts, coming in at -0.33 compared to the anticipated -0.83. Additionally, EHang achieved its first positive adjusted net income, marking a significant milestone in its financial performance. Deutsche Bank (ETR:DBKGn) analyst Edison Yu upgraded EHang’s stock rating from Hold to Buy, though the price target was adjusted to $20.00 from $22.00. Yu highlighted EHang’s competitive pricing and strong positioning in China’s emerging eVTOL/UAM ecosystem. EHang also announced that recent U.S. tariff changes will not affect its operations, as the company does not export to the U.S. and maintains a secure supply chain. The company emphasized its focus on the Chinese market, where it generated 95% of its revenue in 2024. EHang continues to expand its international presence, particularly in Asia and Europe, while advancing its urban air mobility solutions.
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