Analyst George Gianarikas of Canaccord Genuity maintained a Buy rating on Aeva Technologies, retaining the price target of $24.00.
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George Gianarikas has given his Buy rating due to a combination of factors that highlight Aeva Technologies’ strategic advancements and market positioning. Aeva has secured an exclusive agreement with a prominent European car manufacturer, suspected to be Mercedes-Benz, to supply LiDAR technology for their global vehicle platform, excluding China. This partnership is significant as it marks the first deployment of FMCW LiDAR in a passenger vehicle, countering the trend of OEMs moving away from LiDAR technology for autonomous driving capabilities.
Furthermore, this development aligns with the broader market trend where automotive OEMs are narrowing their list of LiDAR vendors and showing increased interest in FMCW architectures. Aeva’s focus on FMCW technology positions it well to capitalize on this shift. The agreement is expected to support Aeva’s long-term forecasts, with the potential for high adoption rates of autonomous driving in premium vehicles. Gianarikas reiterates a $24 price target, reflecting confidence in Aeva’s future growth and market potential.
AEVA’s price has also changed moderately for the past six months – from $19.710 to $13.690, which is a -30.54% drop .