BofA lowered the firm’s price target on Pony AI (PONY) to $20 from $21 and keeps a Buy rating on the shares after the company reported Q2 results. Management commented that its strong Robotaxi fare-charging revenue growth in Q2 has been driven by enlarged fleet size, extension of user adoption – its registered users grew 136% year-over-year in Q2, attractive pricing strategy; and enlarged operating areas in tier 1 cities. BofA remains bullish as it believes Pony will scale up its Robotaxi fleet size and see improving profitability, given better economies of scale and unit profitability.
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