Hesai (HSAI) Climbs 11% on Rating, PT Upgrade; Points to 16% Upside Potential

We recently published 10 Stocks Boasting 10-42% Gains. Hesai Group (NASDAQ:HSAI) is one of the best-performing stocks on Tuesday.

Hesai extended its rally to a third straight day on Tuesday, jumping 10.98 percent to close at $20.22 apiece, as investors took heart from an investment firm’s bullish initial coverage for its stock.

In a market note, China International Capital Corp. (CICC) issued an “outperform” rating for Hesai Group (NASDAQ:HSAI), with price targets of HK$182.5 and $23.5, amid its position as the only profitable and one of the leading lidar companies with self-built automated production capacity and extensive customer resources.

The rating also reflected CICC’s confidence that Hesai Group (NASDAQ:HSAI) would be able to achieve 3 million shipments of automotive lidar to China by 2025, and ramp it up to 10 million units by 2028, with a compound annual growth rate of 58 percent.

CICC said that growth would be supported by the robotics sector, with lawn mowers and logistics robots now becoming a new growth engine, while the overseas market is poised to accelerate.

In other recent developments, Hesai Group (NASDAQ:HSAI) swung to a net income of 256.2 million yuan in the third quarter of the year from a 70.4 million yuan net loss in the same period last year. Revenues jumped by 47.5 percent to 795.4 million yuan from 539.4 million yuan year-on-year.

The nine-month period also saw the company hitting its full-year net income target a quarter earlier, having recorded 282.71 million yuan, a reversal from the 249 million yuan net loss year-on-year.

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Disclosure: None. This article is originally published at Insider Monkey.