JPMorgan Upgrades Ningbo Tuopu on Tesla Recovery Outlook
JPMorgan upgraded shares of Chinese auto parts maker Ningbo Tuopu to Overweight on Monday, citing signs of demand recovery from key customers Tesla (TSLA, Financials) and Seres.
JPMorgan maintained its price target of RMB56.00 per share, despite the stock trading more than 20% below that level. The firm previously downgraded Tuopu in October 2024 amid rising U.S.-China trade tensions and reduced Tesla orders.
Tuopu shares surged 56% through February on enthusiasm for humanoid robotics but later dropped 44% after weak Q1 earnings and tariff-related concerns. The stock is down 5% year to date, underperforming the CSI 300 index's 2% decline.
JPMorgan now sees potential upside driven by sequential volume growth from Tesla and Seres, and upcoming events related to Tesla's Robotaxi and Optimus projects.
This article first appeared on GuruFocus.
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