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<Research>M Stanley: Hesai Group (HSAI.US) Guidance Positive; Rating Kept at Overweight
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Hesai Group (HSAI.US) delivered strong 3Q25 results, and its 4Q25 guidance demonstrates a continuously positive growth trend, Morgan Stanley released a research report saying.

However, its ADR sank 9.9% overnight, compared to the Nasdaq's 0.25% drop. This is believed to be mainly due to profit-taking and recent pullbacks in the robotaxi and autonomous driving ecosystem.

Related NewsBofAS Trims Hesai's TP to USD25; Products to Face Price Pressure Next Yr
Although Hesai Group's 2026 guidance is positive, investors remained concerned about price competition, Morgan Stanley added. Therefore, the broker kept rating at Overweight for the Company, with a target price of US$35.
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