Raytheon awarded $71 million in Navy contracts for missile systems
JPMorgan upgraded Ningbo Tuopu Group Co Ltd (601689:CH) from Neutral to Overweight on Monday, maintaining its price target of RMB56.00 per share.
The Chinese auto parts supplier’s stock has experienced significant volatility in 2025, initially rallying 56% through February driven by market enthusiasm for humanoid robotics, before dropping 44% amid tariff tensions, slower Tesla (NASDAQ:TSLA) sales, and disappointing first-quarter earnings.
JPMorgan had previously downgraded Tuopu from Overweight to Neutral in October 2024, citing concerns about potential tariff increases and slower-than-expected Tesla orders, and later reduced earnings estimates on April 13 following reciprocal tariff announcements.
The stock has fallen more than 20% below JPMorgan’s price target, prompting the upgrade despite Tuopu being down 5% year-to-date compared to the CSI300 index’s 2% decline.
JPMorgan cited sequential sales volume recovery from key customers Tesla and Seres, along with near-term catalysts from Tesla’s upcoming Robotaxi and Optimus events, as key factors supporting the rating change.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.