Goldman Sachs upgraded Hesai (HSAI) to Buy from Neutral with a price target of $18.40, up from $5.50, implying 35% upside potential. The firm expects navigation on autopilot adoption to “take-off” starting from 2025, together with the launch of lower-cost LiDAR products, to drive LiDAR usage by mass-market vehicle models. Goldman sees “industry leader” Hesai entering into the “harvesting stage: of its next generation ATX product with a three-year product cycle starting 2025, driving revenue growth acceleration. The market hasn’t factored in the company’s operating leverage from new product cycle, the analyst tells investors in a research note.
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