VinFast Auto Ltd. (NASDAQ:VFS) shares blasted higher Thursday. Bloomberg reported Wednesday that the company is seeking a $250 million bank loan to expand in Indonesia.
The Details: Bloomberg reported VinFast is seeking a bank loan of approximately $250 million to finance the construction of its new assembly plant in Subang, Indonesia, as the company faces intense competition and price cuts from competitors.
U.S. inflation data came in cooler-than-expected Thursday morning and fueled investors' hopes for interest rate cuts in the near term, driving gains in sectors with heavy debt loads including solar energy and electric vehicles.
EV stocks have also seen significant gains over the past week following better-than-expected second-quarter delivery numbers across the board, including from EV makers Xpeng, Inc. (NYSE:XPEV) and Tesla, Inc. (NASDAQ:TSLA).
VinFast Auto shares climbed on heavy trading volume Thursday with more than 5.53 million shares changing hands, according to data from Benzinga Pro.
Will VFS Stock Go Up?
When trying to assess whether or not VinFast Auto will trade higher from current levels, it's a good idea to take a look at analyst forecasts.
Wall Street analysts have an average 12-month price target of $9.14 on VinFast Auto. The Street high target is currently at $13 and low target is $5. Of all the analysts covering VinFast Auto, seven have positive ratings, no one has neutral ratings and no one has negative ratings.
In the last month, one analyst has adjusted price targets. Here's a look at recent price target changes [Analyst Ratings]. Benzinga also tracks Wall Street's most accurate analysts. Check out how analysts covering VinFast Auto have performed in recent history.
Stocks don't move in a straight line. The average stock market return is approximately 10% per year. VinFast Auto is 86.78% down year-to-date. The average analyst price target suggests the stock could have further upside ahead.
For a broad overview of everything you need to know about VinFast Auto, visit here. If you want to go above and beyond, there's no better tool to help you do just that than Benzinga Pro. Start your free trial today.
VFS Price Action: According to Benzinga Pro, VinFast Auto shares closed Thursday's session 17.51% higher at $4.90.
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