EHang downgraded to Underweight from Neutral at JPMorgan

JPMorgan analyst Beatrice Lam downgraded EHang (EH) to Underweight from Neutral with a price target of $4.40, down from $9.70. The firm’s prior thesis assumed EHang’s certification lead would rapidly convert into commercialization, but “certification is no longer enough,” says the analyst, who believes China’s passenger eVTOL commercialization has entered a structural reset.

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