EHang downgraded to Neutral from Overweight at JPMorgan

JPMorgan analyst Beatrice Lam downgraded EHang (EH) to Neutral from Overweight with a price target of $13, down from $21. Electric vertical take-off and landing aircraft remain a potential global megatrend and a core pillar of China’s low-altitude economy plan, but the regulatory pathway is proving slower and more conditional than expected, the analyst tells investors in a research note. The firm downgrades the stock as its recent Guangzhou immersion tour and management/expert discussions point to a more gradual commercialization phase over the next 12-24 months.