Jefferies analyst Johnson Wan downgrades XPeng (NYSE:XPEV) from Hold to Underperform and lowers the price target from $18.6 to $4.2.
Alibaba Plunges, Xpeng, Nio Nosedive: Fed Rate Hike and Projections Push Hang Seng To 2011 Lows
Hong Kong's benchmark Hang Seng Index lost over 1.9% in opening trade to hit 2011 lows after the U.S. Federal Reserve raised interest rates by 0.75% and indicated they could be hit as high as 4.6% next year.
That dented stocks of U.S.-listed Chinese EV makers, whose business prospects depend a lot on interest rates.
