India's Ather Energy rises as BofA starts coverage with street-high PT
BUZZ-India's Ather Energy rises as BofA starts coverage with street-high PT ** Shares of Ather Energy ATHR.NS rise as much as 1.8% to 1,621.80 rupees
** BofA initiates coverage on Ather Energy with a "Buy" and a street high PT of 1,900 rupees - data compiled by LSEG
** Says India' s electric vehicle adoption is at a tipping point and described Ather Energy as the "best proxy" to play this theme; co currently has about 16% market share
** Sees scale as the next leg of growth for ATHR, with the Konark platform, EL platform and AURIC expected to drive market expansion and capacity scale
** BofA sees Ather's technology ownership and premium positioning as key advantages, but flags execution of the scale-up, competitive response, slower EV adoption and crude-price shocks as key risks
** YTD, ATHR up 115.27%
(Reporting by Urvi Dugar in Bengaluru)
((UrviManoj.Dugar@thomsonreuters.com; +91 9558725583;))
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