JPMorgan upgrades Ningbo Tuopu stock rating on Tesla recovery outlook

June 16, 2025 12:56 AM PDT | By EODHD

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JPMorgan upgrades Ningbo Tuopu stock rating on Tesla recovery outlook — Image source: Kalkine Media

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JPMorgan upgraded Ningbo Tuopu Group Co Ltd (601689:CH) from Neutral to Overweight on Monday, maintaining its price target of RMB56.00 per share. The Chinese auto parts supplier’s stock has experienced significant volatility in 2025, initially rallying 56% through February driven by market enthusiasm for humanoid robotics, before dropping 44% amid tariff tensions, slower Tesla (NASDAQ:TSLA) sales, and disappointing first-quarter earnings. JPMorgan had previously downgraded Tuopu from Overweight to Neutral in October 2024, citing concerns about potential tariff increases and slower-than-expected Tesla orders, and later reduced earnings estimates on April 13 following reciprocal tariff announcements. The stock has fallen more than 20% below JPMorgan’s price target, prompting the upgrade despite Tuopu being down 5% year-to-date compared to the CSI300 index’s 2% decline. JPMorgan cited sequential sales volume recovery from key customers Tesla and Seres, along with near-term catalysts from Tesla’s upcoming Robotaxi and Optimus events, as key factors supporting the rating change.

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