Hesai initiated with a Buy at Jefferies

Jefferies initiated coverage of Hesai (HSAI) with a Buy rating and $29.30 price target Hesai has become a global leader in the LiDAR market on the back of its strong leadership in chip and mechanics, solid customer relationship, mass production capabilities, as well as a full range of LiDAR solutions covering various applications in autonomous driving, autonomous mobility and robotics, the analyst tells investors in a research note. The firm sees large growth potential for the LiDAR market and believes Hesai is well positioned to capture growing demand.