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Wednesday Mar 24 2021 08:52
2 min
Bank of America has named stocks to watch as tech companies enter the electric vehicle race
Whilst Tesla, Nio and XPeng are synonymous with the EV race, there are a number of other companies that investors should have on their watch list as the industry grows. EVs may only account for about 2% of global auto sales today but they could be worth around half by 2040, according to Goldman Sachs estimates.
BofA Head of European Automotive Research Horst Schneider pointed to chipmakers Nvidia, Qualcomm, Infineon, Intel, and STMicroelectronics as companies likely to benefit from the shift to EV. In terms of vehicle manufacturers, Schneider has a buy rating on Daimler and Stellantis.
Analysts still rate this stock a strong buy with an average upside of 23%.
Analysts’ consensus remains a buy with a 27% average upside.
Another strong buy with 56% upside, according to our tool.
Risk Warning and Disclaimer: This article represents only the author’s views and is for reference only. It does not constitute investment advice or financial guidance, nor does it represent the stance of the Markets.com platform. Trading Contracts for Difference (CFDs) involves high leverage and significant risks. Before making any trading decisions, we recommend consulting a professional financial advisor to assess your financial situation and risk tolerance. Any trading decisions based on this article are at your own risk.
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