JPMorgan is bullish on EHang , China’s leading original equipment manufacturer for electric vertical take-off and landing aircraft. The bank initiated shares of the eVTOL manufacturer as overweight rating and price target of $26 per share, which corresponds to a nearly 50% upside from Thursday’s close. Analyst Beatrice Lam pointed to EHang’s status as the first to hold certificates in China as a driver. This first-mover advantage has poised it for global market share leadership, she added, especially as Ehang’s total addressable market grows in the coming years. The bank believes that the global passenger eVTOL market could swell to $100 billion by around 2040. “EHang is positioned to capture an outsized share of early eVTOL volumes in China. Most peers remain 1-4 years behind in commercial readiness, while EHang is scaling toward 300-800 units annually in 2025-27E and building unmatched operator experience — laying the foundation for global leadership in the first wave of eVTOL adoption,” Lam wrote. “Multi-Product Portfolio aligned to monetize both near-term (sightseeing, public services) demand in China and long-term (cargo, intercity transport) demand globally.” EH YTD mountain EH YTD chart Meanwhile, the analyst also sees a clear path to breakeven ahead for the stock. Specifically, Lam sees net profit set to grow at a compound annual rate of 307% between fiscal years 2025 and 2027. While this is slightly below consensus and due to a distortion in the delivery schedule, the analyst is hopeful going forward. “We remain optimistic on the long-term growth story, given the current order backlog (1,000+ units),” she added. EHang shares jumped more than 2% in the premarket following the upgrade.
Thursday, February 12
JPMorgan sees 50% upside ahead for China’s leading electric vertical aircraft manufacturer
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