Goldman Sachs Boosts Hesai Price Target After Strong Margin Performance
Goldman Sachs revised its outlook for Hesai Group (NASDAQ:HSAI) on May 27, reiterating its Buy rating and increasing the price target from $20.40 to $23.30. According to analyst Tina Hou, Hesai's first-quarter 2025 results were impressive, with revenue meeting and net profit surpassing projections. This was primarily due to a larger gross margin and a lower operating expense.
Hesai Group (NASDAQ:HSAI) exceeded Goldman Sachs' expectation of 39.5% with a gross margin of 41.7% for the quarter, a 3.0 percentage point increase from the previous year. The increase in revenue from engineering services was primarily responsible for this improvement.
Hesai's revenue guidance for the second quarter of 2025 was also 3% higher than Goldman Sachs' earlier projections. The anticipated revenue of RMB 680 million to RMB 720 million is a notable rise year-over-year and quarter-over-quarter.
Hesai Group (NASDAQ:HSAI) is a Chinese technology company that develops and markets lidar devices, including sensors. Its products are mostly utilized in the industrial, robotics, ADAS, and vehicle automation industries.
While we acknowledge the potential of HSAI to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than HSAI and that has 100x upside potential, check out our report about the cheapest AI stock.
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Labour is cosying up to China after years of rollercoaster relations
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The group travelled to southern Chinese cities, spoke to Chinese mayors and met Chinese tech giants. So impressed was one deputy mayor that, on returning home, they bought a mobile phone from Chinese brand Honor (a stark contrast from the days the UK banned Huawei technology from its 5G networks, just a few years ago). Roughly half-a-dozen deals were signed on the back of the trip. The West Midlands, for example, agreed to establish a new UK headquarters in Birmingham for Chinese energy company EcoFlow. But the visit was as much about diplomacy as it was trade, says East Midlands deputy mayor Nadine Peatfield, who attended. "There was a real hunger and appetite to rekindle those relationships." To some, it was reminiscent of the "golden era" of UK-China relations, a time when then-Prime Minister David Cameron and Chinese President Xi Jinping shared a basket of fish and chips and a pint. Those days have long felt far away. Political ties with China deteriorated under former UK Conservative Prime Ministers Boris Johnson, Rishi Sunak and Liz Truss. The last UK prime minister to visit China was Theresa May, in 2018. But the recent delegation - and the talk of Sir Keir Starmer possibly visiting China later this year - suggests a turning point in relations. But to what greater intent? The course correction seemed to begin with the closed-door meeting between Sir Keir and Chinese President Xi in Brazil last November. The prime minister signalled that Britain would look to cooperate with China on climate change and business. Since then, Labour's cautious pursuit of China has primarily focused on the potential financial upsides. In January, Chancellor Rachel Reeves co-chaired the first UK-China economic summit since 2019, in Beijing. Defending her trip, she said: "Choosing not to engage with China is no choice at all." 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And if that's the case, then irrespective of whether closer ties with China is viewed as a security threat, an economic opportunity, or something in between, the UK might be in a better position to engage with the country. Top image credit: PA BBC InDepth is the home on the website and app for the best analysis, with fresh perspectives that challenge assumptions and deep reporting on the biggest issues of the day. And we showcase thought-provoking content from across BBC Sounds and iPlayer too. You can send us your feedback on the InDepth section by clicking on the button below.
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By Kevin Buckland TOKYO (Reuters) -The dollar drifted lower on Wednesday as the market looked ahead to U.S. employment data for immediate trading cues, while waiting on developments in President Donald Trump's tariff negotiations with key trading partners including China. The Trump administration has given a Wednesday deadline for countries to submit their best offers on trade, the same day a doubling of duties to 50% on imported steel and aluminium comes into effect. Trump is also tipped by the White House to have a call this week with Chinese President Xi Jinping after the two sides accused each other of violating the terms of an agreement last month to roll back some tariffs. In the meantime, macroeconomic indicators have returned as a driver of the U.S. currency this week, even if trade frictions remain centre stage. The dollar slumped 0.8% against major peers on Monday following a contraction in manufacturing, only to rebound by almost the same amount overnight after a surprise increase in U.S. job openings. Early on Wednesday, the dollar was down 0.09% at 143.82 yen and the euro was up 0.13% at $1.1385. The dollar index, which measures the currency against those two peers and four other counterparts, was flat at 99.159. Traders will have an eye on the ADP employment report later in the day, in the run-up to crucial U.S. monthly payrolls figures on Friday. "Job openings were much stronger than expected," Commonwealth Bank of Australia analyst Joseph Capurso said of the overnight JOLTS data, which is closely watched by the Federal Reserve. "The low estimate for ADP means the USD and U.S. bond yields have a small hurdle to climb for a positive surprise tonight." Elsewhere, the Australian dollar was little changed at $0.6460 ahead of the release of GDP figures. South Korea's won strengthened about 0.2% to 1,375.25 per dollar after the victory of liberal candidate Lee Jae-myung in the country's presidential election. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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Leading Independent Proxy Advisory Firms Glass Lewis and ISS Recommend that Shareholders Vote 'FOR' the Proposed Merger Between PTMN and LRFC
NEW YORK, June 03, 2025 (GLOBE NEWSWIRE) -- Portman Ridge Finance Corporation (NASDAQ: PTMN) ('Portman Ridge' or 'PTMN') and Logan Ridge Finance Corporation (NASDAQ: LRFC) ('Logan Ridge' or 'LRFC') (together, the 'Companies') announced today that leading independent proxy advisory firms, Institutional Shareholder Services ('ISS') and Glass, Lewis & Co. ('Glass Lewis'), have both recommended that LRFC stockholders vote 'FOR' the proposed merger of LRFC with and into PTMN at the upcoming LRFC special meeting scheduled for June 6, 2025. In addition, ISS and Glass Lewis have both recommended that PTMN stockholders vote 'FOR' the proposals related to the proposed merger at the upcoming PTMN special meeting scheduled for June 6, 2025. In its May 30, 2025 report, Glass Lewis noted, 'We recognize the transaction would consolidate two entities that are managed by affiliated investment advisers, have overlapping portfolios of investments, and similar strategies and risks. The transaction aims at creating an entity with greater scale, a more diversified portfolio and anticipated greater market liquidity, among other benefits. Overall, we believe the entities have presented a reasonable strategic rationale for the proposed merger.' Similarly, in its report dated May 23, 2025, ISS commented, 'The strategic rationale appears sound, as the combined company will have increased scale, structural simplification, and more diversification. On balance, in light of the compelling strategic rationale, support for the proposed share issuance is warranted.' Ted Goldthorpe, President and Chief Executive Officer of PTMN and LRFC and Head of the BC Partners Credit Platform, stated, 'We're encouraged by the support from both ISS and Glass Lewis, which reflects their alignment with the LRFC and PTMN Boards' unanimous recommendations to their shareholders to vote in favor of the proposed merger. With PTMN standing as the surviving entity, we believe the combination will enhance PTMN's scale, increase trading liquidity, further increase portfolio diversification, and will generate meaningful earnings accretion for shareholders, all which pave the way for our future growth initiatives and strengthen our position as a leader in executing strategic growth transactions amongst publicly traded business development companies.' With special meetings scheduled for June 6, 2025, both PTMN and LRFC urge their stockholders to attend the meeting and cast their votes by following the instructions outlined in the joint proxy statement. Stockholders of PTMN can also access the virtual meeting and vote by going to the following website: or by calling 1-833-218-3911 and providing the control number which is listed in the proxy card received. Stockholders of LRFC can access the virtual meeting and vote by going to the following website: or by calling 1-833-218-3962 and providing the control number which is listed in the proxy card received. Shareholders can access the joint proxy statement and prospectus by clicking HERE. Shareholders who have questions about the joint proxy statement or about voting their shares should contact the companies' proxy solicitor, Broadridge, at 1-833-218-3911 for PTMN shareholders and 1-833-218-3962 for LRFC shareholders. About Portman Ridge Finance Corporation PTMN is a publicly traded, externally managed investment company that has elected to be regulated as a business development company (a 'BDC') under the 1940 Act. PTMN's middle market investment business originates, structures, finances and manages a portfolio of term loans, mezzanine investments and selected equity securities in middle market companies. PTMN's investment activities are managed by its investment adviser, Sierra Crest. PTMN's filings with the Securities and Exchange Commission (the 'SEC'), earnings releases, press releases and other financial, operational and governance information are available on Portman Ridge's website at About Logan Ridge Finance Corporation LRFC is a BDC that invests primarily in first lien loans and, to a lesser extent, second lien loans and equity securities issued by lower middle-market companies. LRFC invests in performing, well-established middle-market businesses that operate across a wide range of industries. It employs fundamental credit analysis, targeting investments in businesses with relatively low levels of cyclicality and operating risk. For more information, visit Cautionary Statement Regarding Forward-Looking Statements Some of the statements in this communication constitute forward-looking statements because they relate to future events, future performance or financial condition. The forward-looking statements may include statements as to future operating results of PTMN and LRFC, and distribution projections; business prospects of PTMN and LRFC, and the prospects of their portfolio companies; and the impact of the investments that PTMN and LRFC expect to make. In addition, words such as 'anticipate,' 'believe,' 'expect,' 'seek,' 'plan,' 'should,' 'estimate,' 'project' and 'intend' indicate forward-looking statements, although not all forward-looking statements include these words. The forward-looking statements contained in this communication involve risks and uncertainties. Certain factors could cause actual results and conditions to differ materially from those projected, including the uncertainties associated with (i) the ability of the parties to consummate the merger on the expected timeline, or at all; (ii) the expected synergies and savings associated with the merger; (iii) the ability to realize the anticipated benefits of the merger, including the expected elimination of certain expenses and costs due to the merger; (iv) the percentage of PTMN shareholders and LRFC shareholders voting in favor of the applicable Proposal (as defined below) submitted for their approval; (v) the possibility that competing offers or acquisition proposals will be made; (vi) the possibility that any or all of the various conditions to the consummation of the merger may not be satisfied or waived; (vii) risks related to diverting management's attention from ongoing business operations; (viii) the combined company's plans, expectations, objectives and intentions, as a result of the merger; (ix) any potential termination of the merger agreement; (x) the future operating results and net investment income projections of PTMN, LRFC or, following the closing of the merger, the combined company; (xi) the ability of Sierra Crest to implement its future plans with respect to the combined company; (xii) the ability of Sierra Crest and its affiliates to attract and retain highly talented professionals; (xiii) the business prospects of PTMN, LRFC or, following the closing of the merger, the combined company, and the prospects of their portfolio companies; (xiv) the impact of the investments that PTMN, LRFC or, following the closing of the merger, the combined company expect to make; (xv) the ability of the portfolio companies of PTMN, LRFC or, following the closing of the merger, the combined company to achieve their objectives; (xvi) the expected financings and investments and additional leverage that PTMN, LRFC or, following the closing of the merger, the combined company may seek to incur in the future; (xvii) the adequacy of the cash resources and working capital of PTMN, LRFC or, following the closing of the merger, the combined company; (xviii) the timing of cash flows, if any, from the operations of the portfolio companies of PTMN, LRFC or, following the closing of the merger, the combined company; (xix) the risk that stockholder litigation in connection with the merger may result in significant costs of defense and liability; and (xx) future changes in laws or regulations (including the interpretation of these laws and regulations by regulatory authorities). PTMN and LRFC have based the forward-looking statements included in this document on information available to them on the date hereof, and they assume no obligation to update any such forward-looking statements. Although PTMN and LRFC undertake no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise, you are advised to consult any additional disclosures that they may make directly to you or through reports that PTMN and LRFC in the future may file with the SEC, including the Registration Statement and Joint Proxy Statement (in each case, as defined below), annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K. No Offer or Solicitation This communication is not, and under no circumstances is it to be construed as, a prospectus or an advertisement and the communication is not, and under no circumstances is it to be construed as, an offer to sell or a solicitation of an offer to purchase any securities in PTMN, LRFC or in any fund or other investment vehicle managed by BC Partners or any of its affiliates. Additional Information and Where to Find It This communication relates to the proposed merger of PTMN and LRFC and certain related matters (the 'Proposals'). In connection with the Proposals, PTMN has filed a registration statement (Registration No. 333-285230) with the SEC (the 'Registration Statement') that contains a combined joint proxy statement for PTMN and LRFC and a prospectus of PTMN (the 'Joint Proxy Statement') and has mailed the Joint Proxy Statement to its and LRFC's respective shareholders. The Registration Statement and Joint Proxy Statement will contain important information about PTMN, LRFC and the Proposals. This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended. SHAREHOLDERS OF PTMN AND LRFC ARE URGED TO READ THE REGISTRATION STATEMENT, JOINT PROXY STATEMENT AND OTHER DOCUMENTS THAT ARE FILED OR WILL BE FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT PTMN, LRFC AND THE PROPOSALS. Investors and security holders will be able to obtain the documents filed with the SEC free of charge at the SEC's website, or, for documents filed by PTMN, from PTMN's website at and, for documents filed by LRFC, from LRFC's website at Participants in the Solicitation PTMN, its directors, certain of its executive officers and certain employees and officers of Sierra Crest and its affiliates may be deemed to be participants in the solicitation of proxies in connection with the Proposals. Information about the directors and executive officers of PTMN is set forth in its proxy statement for its 2025 Annual Meeting of Stockholders, which was filed with the SEC on April 29, 2025. LRFC, its directors, certain of its executive officers and certain employees and officers of Mount Logan and its affiliates may be deemed to be participants in the solicitation of proxies in connection with the Proposals. Information about the directors and executive officers of LRFC is set forth in the Annual Report on Form 10-K/A, which was filed with the SEC on April 29, 2025. Information regarding the persons who may, under the rules of the SEC, be considered participants in the solicitation of the PTMN and LRFC shareholders in connection with the Proposals will be contained in the Registration Statement, including the Joint Proxy Statement included therein, and other relevant materials when such documents become available. These documents may be obtained free of charge from the sources indicated above. Contacts:Portman Ridge Finance Corporation650 Madison Avenue, 3rd floorNew York, NY 10022 Logan Ridge Finance Corporation650 Madison Avenue, 3rd floorNew York, NY 10022 Brandon SatorenChief Financial Officer (PTMN and LRFC) (212) 891-2880 The Equity Group Catilcati@ (212) 836-9611 Val Ferrarovferraro@ (212) 836-9633Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
