Why Pony AI Stock Popped on Tuesday

Chinese autonomous driving tech company Pony AI (NASDAQ: PONY) motored well higher on the stock exchange Tuesday. On the back of a fresh analyst update, investors crowded into the stock to leave it with a gain of nearly 4% the trading session. That contrasted with the trajectory of the benchmark S&P 500 index, which moved in reverse with a 0.6% decline on the day.Well before market open, Goldman Sachs prognosticator Allen Chang boosted his Pony AI price target by 13%. In his opinion the stock is now worth $27.70 per share, up from his previous level of $24.50. Chang maintained his buy recommendation, which is sensible given that the new fair value assessment is nearly 30% above the company's latest closing price.Image source: Getty Images.Continue reading