BofA, Citi Remain Bullish On This EV Company, Bump Up Price Target

BofA analyst Ming Hsun Lee raised the price target on Xpeng Inc (NYSE:XPEV) to $66 from $63 (21% upside) and kept a Buy…
  • BofA analyst Ming Hsun Lee raised the price target on Xpeng Inc (NYSE:XPEV) to $66 from $63 (21% upside) and kept a Buy rating on the shares.
  • Factoring its Q3 results and latest guidance, Lee raised 2022 and 2023 sales estimates by 7% and 8%, respectively, and lowered 2021/22/23 net loss estimates by 14%, 7%, and 1%, respectively.
  • Citi analyst Jeff Chung raised the price target to $92 from $87 (69% upside) and kept a Buy rating on the shares.
  • Chung said the company reported “robust” Q3 results, with margin largely beating consensus and Q4 guidance in-line with consensus expectations.
  • The analyst viewed the quarter as strong, with quarter-over-quarter trends for all items in-line with his full-year forecasts.
  • Related ContentXpeng Aims To Sell Nearly As Many Electric Vehicles Overseas As In China
  • Price Action: XPEV shares are trading higher by 6.17% at $54.46 on the last check Wednesday.
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