When VinFast Auto (NASDAQ: VFS) reported its first-quarter financial update this week, it had a mixed report for investors. The Vietnamese electric vehicle (EV) manufacturer reaffirmed that it expects to produce 100,000 EVs this year. But its first-quarter vehicle production and revenue were still a disappointment.

That led analysts at investment banking firm BTIG to lower their stock price target for VinFast from $8 to $5 per share. The new price target would still represent a gain of 98% from the stock's current $2.52 price over the next 12 months or so. BTIG analyst Gregory Lewis and his team also feel the stock is still a buy.

VinFast stock has been on a wild ride since it first went public through a special purpose acquisition company (SPAC) merger in August 2023. After soaring to more than $80 per share, reality set in for the early-stage EV maker, and shares have since dropped to the low single digits.

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Source Fool.com