Shares of EHang Holdings Ltd (EH) surged 5.3% in Thursday's intraday trading following CICC's initiation of coverage on the stock with an Outperform rating and $18.13 price target.
The positive initiation from the Chinese brokerage and investment bank provided a boost to the Chinese autonomous aerial vehicle company's shares. Analysts at CICC cited EHang's leading position in the urban air mobility market and growth prospects as key factors underpinning their bullish view.
EHang has been making strides in commercializing its autonomous aerial vehicle technology for passenger transportation and logistics use cases. With the urban air mobility market expected to see significant growth in the coming years, CICC's analysts expressed optimism about EHang's ability to capitalize on this emerging opportunity.
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