Written by Cláudio Afonso | LinkedIn | X
Deutsche Bank analyst Bin Wang initiated coverage of Zeekr‘s stock with a Buy rating while setting a $35 price target. Based on the current price of the shares, the price target implies an upside potential of 46 percent.
The electric vehicle maker announced on Saturday that it has delivered 18,616 vehicles in May, representing an increase of 115 percent year over year and a new monthly record.
Earlier today, Zeekr said the first batch of Right Hand Drive units of the Zeekr X rolled off the production line with first deliveries expected for this summer.
The analyst sees Geely’s brand as a “premium smart electric vehicle maker in China with a well established premium brand and leadership in electrification and auto industry innovation”.
The firm reports that in the first five months of 2024, Zeekr‘s premium pure EV sales ranked second highest in China, only behind Tesla. Deutsche Bank projects Zeekr’s revenue to grow at an annual rate of 40% through 2026.
Earlier in the week, also Bank of America (BofA) analyst Ming Hsun Lee has initiated coverage of Zeekr with a Buy rating and a price target of $35. In addition, Goldman Sachs also started covering the stock, assigning a Buy rating and a price target of $34.
Last year, Zeekr delivered 118,685 electric vehicles, up 64.98 percent year-on-year, and aims to double its output to 230,000 units this year.
Written by Cláudio Afonso | LinkedIn | X
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The post Deutsche Bank Starts Coverage on Zeekr, Projects 40% Annual Revenue Growth first appeared on EV.