Shares of EHang Holdings Ltd (EH) are soaring 5.30% in pre-market trading on Wednesday, following a bullish initiation from Bank of America. The Chinese autonomous aerial vehicle (AAV) technology company has caught the attention of Wall Street, with analysts expressing optimism about its future prospects.
Bank of America has initiated coverage on EHang Holdings with a Buy rating and set a price target of $26. This price target suggests significant upside potential from the stock's previous closing price. The positive outlook from a major financial institution has sparked investor interest, contributing to the stock's substantial pre-market gains.
According to FactSet data cited in the report, EHang Holdings currently has an average rating of Buy among analysts, with a mean price target of $27.72. This consensus view aligns with Bank of America's bullish stance, indicating a generally positive sentiment towards the company's growth prospects in the emerging urban air mobility market. As EHang continues to develop and commercialize its autonomous aerial vehicle technology, investors appear to be betting on the company's potential to disrupt traditional transportation methods.
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