BofA Securities initiated coverage on WeRide Inc. (NASDAQ: WRD) with a Buy rating and a $12 price target.

The firm described WeRide as an emerging global provider of Level 4 autonomous-driving solutions, and projected that the company would significantly expand its fleet and become profitable by 2029. BofA attributed this view to several catalysts: a broader international rollout of robotaxi operations backed by strategic partnerships and first-mover advantages; improved profitability in China as scale increases; and accelerated adoption of the company's robobus, robovan, and robosweeper offerings, all supported by its unified WeRide One platform.

BofA said its price target was based on an average of P/S and DCF valuation methodologies, resulting in a target of $12 per ADR (and HKD 31 per Hong Kong-listed share).