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EHang (NASDAQ:EH) stock is rallying on Monday after Morgan Stanley kicked off coverage of the flying car company with positive sentiments.
Morgan Stanley’s coverage of EH stock starts with a bullish price target of $27.50 per share. That’s a potential upside of almost compared to its prior closing price of $17.38. It’s also worth noting the analysts’ consensus price prediction of $29 per share.
To go along with that bull price target is an “overweight” rating for EH stock. To put that in perspective, the analysts’ consensus rating for EH shares is buy based on two opinions.
What’s Behind the Bull Stance on EH Stock?
Here’s what Morgan Stanley analyst Cindy Huang said about EHang in a note to clients obtained by CNBC.
“We view EHang as a pioneer in the urban air mobility (UAM) market — with the world’s first [type certificate] awarded, validated products, and access to a multi-trillion [renminbi total addressable market] in China.”
The positive coverage of EH stock has the company’s shares up 10% as of Monday afternoon. That comes with more than 2.7 million shares of the stock changing hands. This is already well above the company’s daily average trading volume of roughly 1.5 million shares.
Investors seeking out even more of the most recent stock market stories are going to want to keep reading!
We have all of the hottest stock market news that traders need to know about on Monday! Among that is what has shares of GameStop (NYSE:GME), SoFi (NASDAQ:SOFI) and Trump Media & Technology (NASDAQ:DJT) stock moving today. All of that info is available at the following links!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
Article printed from InvestorPlace Media, https://investorplace.com/2024/05/eh-stock-alert-morgan-stanley-says-flying-car-maker-ehang-has-60-upside-potential/.
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