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VinFast Auto Ltd (Nasdaq: VFS) has been a massive disappointment for its shareholders over the past three months but a Wedbush Securities analyst just issued somewhat of a contrarian call on the EV maker.

VinFast stock has upside to $12

Dan Ives assumed coverage of the Vietnamese company this week with an outperform rating. More importantly, his $12 price objective signals a whopping $100 upside from here.

The senior analyst is convinced that bears have been a bit too harsh on the VinFast stock. His bullish view arrives after a visit to the multinational’s factory in Hai Phong.

What VinFast has built in Vietnam is unique and one of the most impressive facilities I have seen with a scale and EV technology that is foundational to our bull thesis.

Note that VinFast Auto LTD had opened at $22 when it debuted on Nasdaq in August.

Ives has confidence in CEO Madame Thuy

Dan Ives told clients in a research note this week that VinFast cars are a feature of massive engineering resources and years of research and development.

The said electric vehicles are now set to make a splash, he added.

The Wedbush Securities analyst is bullish on VinFast stock also because he has confidence in the leadership of Madame Thuy – its Chief Executive who he said has extensive grasp over the EV business model.

All in all, he recommended against painting the automotive company “negatively with the SPAC brush”. VinFast launched the VF7 in Vietnam just days ago.

Coming with a spacious interior, top-notch technologies, and outstanding performance, the VinFast VF 7 is positioned to ignite passions and usher users into the new era of electric mobility.

— VinFast (@VinFastofficial) November 21, 2023

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