Gauzy assumed with Hold from Buy at TD Cowen

TD Cowen analyst Itay Michaeli downgraded Gauzy (GAUZ) to Hold from Buy with a $10 price target after assuming coverage of the name. The firm sees higher near-term adoption hurdles for mass market passenger cars given high content and potential replacement cost. It expects the luxury and super-luxury part of the market to grow at a “mere” 1% annually through 2030. TD is positive on Gauzy’s long-term prospects but stays “patient through the near-term.”