XPeng (XPEV) PT Lowered to $9 at JPMorgan, 'look for potential entry point'

JPMorgan analyst Nick Lai lowered the price target on XPeng (NYSE: XPEV) to $9.00 (from $19.00) while maintaining a Neutral rating.

The analyst comments "We are positive on the company’s move to introduce over 10 new models under the Fu-Yao platform in 2024-2025 or beyond. We expect XPeng’s profitability or GPM to improve from 2Q24 or 2H24 when the company starts to recognize technology royalty fee from Volkswagen. We stay Neutral on XPeng at this stage and will look for potential entry point should the anticipated catalysts begin to materialize."

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