Ratings key, used consistently across every company report in this document:
| Rating | Expected total return, 12 months |
|---|---|
| BUY | 15% and above |
| HOLD | −5% to 15% |
| SELL | −5% and below |
Every rating in this series is anchored to a stated reference price and date (22 September 2026 unless noted), derived from a named methodology (trailing P/E for the two profitable/quasi-profitable names, EV/Sales for the growth names, and book-value or cash-adequacy multiples for the two most-distressed names, each explained in the relevant company's own Valuation section), cross-checked against Street consensus where it exists, and carries explicit upgrade/downgrade triggers. BUY/HOLD/SELL are an educational device for summarising public information — not a regulated recommendation. See the Notes section and each company's own report for full disclosure.
All six US-exchange-listed companies now carry a formal rating, each with the full valuation exhibit described in Section 7 of the company report template — target price, scenario range, and a named methodology.
| Company | Ticker | Rating | Target | CMP (22 Sep 2026) | Upside/(downside) |
|---|---|---|---|---|---|
| Ouster, Inc. | OUST | HOLD | $39.70 | $40.25 | (1.4)% |
| Hesai Group | HSAI | HOLD | $16.65 | $17.10 | (2.6)% |
| Innoviz Technologies Ltd | INVZ | SELL | $0.30 | $0.35 | (14.3)% |
| Aeva Technologies, Inc. | AEVA | SELL | $9.80 | $15.41 | (36.4)% |
| AEye, Inc. | LIDR | SELL | $0.85 | $1.22 | (30.3)% |
| MicroVision, Inc. | MVIS | SELL | $0.52 | $1.68 | (69.0)% |
0 BUY, 2 HOLD, 4 SELL — a deliberately unforced, evidence-driven outcome. The two HOLDs (Ouster, Hesai) reflect genuinely sound businesses already trading close to fair value on this report's own arithmetic, not cheap stocks. The four SELLs reflect four distinct, specific reasons — not a single generic "the sector is risky" verdict — detailed in each company's own report.
For the two HOLD-rated names (Ouster, Hesai): a confirmed automotive OEM series-production win for Ouster's Chronos/DF-series roadmap, or a favourable resolution of Hesai's Section 1260H matter, could each support an upgrade; conversely, further heavy dilution (Ouster) or an unfavourable 1260H outcome (Hesai) would support a downgrade. For Innoviz: the single dominant trigger is its own Nasdaq listing-status outcome, unresolved as of this report's research date. For Aeva: confirmed series production on either flagship automotive programme, or a material commercial customer for the new optical-connectivity line, against a backdrop of the current ~45.8x EV/Sales multiple normalising toward diversified-peer levels. For AEye: a confirmed, named automotive OEM design win, or formal confirmation the going-concern language has been lifted. For MicroVision: resolution, in either direction, of its own disclosed going-concern qualification, and confirmation of what, if any, durable customer revenue the $33 million Luminar acquisition actually secured.
