BofA Securities analyst Fiona Liang lowered the price target on EHang Holdings (NASDAQ: EH) to $16.00 (from $17.00) while maintaining a Buy rating.

The analyst comments "Ehang reported 4Q25 results and hosted a conference call: sales came in at RMB244mn, up 48% YoY/up 164% QoQ, beating BofAe, mainly due to higher-than-expected eVTOL delivery at 100 units (vs our previous estimates of 93 units) and better product mix. Blended GPM was up 1.4ppt YoY/1.3ppt QoQ to 62.6%, in line with our estimate at 62%. Opex to sales ratio was 66%, down 33ppt YoY/down 97ppt QoQ, strongly beating BofAe. Ehang recorded GAAP net profit at RMB10mn in 4Q25, breakeven for the first time. 4Q25 non-GAAP net profit was RMB71mn, versus our estimate at non-GAAP net loss of RMB16mn. Management guides RMB600mn revenue in 2026 (lower than our previous estimates of RMB819mn) and sees rising share of sales from firefighting & logistics eVTOLs, as well as service sales such as GD4.0 Formation Flights."