JPMorgan Upgrades Ningbo Tuopu on Tesla Recovery Outlook
JPMorgan maintained its price target of RMB56.00 per share, despite the stock trading more than 20% below that level. The firm previously downgraded Tuopu in October 2024 amid rising U.S.-China trade tensions and reduced Tesla orders.
Tuopu shares surged 56% through February on enthusiasm for humanoid robotics but later dropped 44% after weak Q1 earnings and tariff-related concerns. The stock is down 5% year to date, underperforming the CSI 300 index's 2% decline.
JPMorgan now sees potential upside driven by sequential volume growth from Tesla and Seres, and upcoming events related to Tesla's Robotaxi and Optimus projects.
This article first appeared on GuruFocus.
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