Li Auto (LI) PT Raised to $21 at Macquarie

Macquarie analyst Eugene Hsiao raised the price target on Li Auto (NASDAQ: LI) to $21.00 while maintaining a Underperform rating.

The analyst comments "• 3Q volume/sales guide missed cons. due to slowing demand for L-series EREVs, implying flat monthly sales in Aug/Sept despite the new i8. • Few new details were provided on Sept. i6 launch which will face intense competition in BEV SUVs in the Rmb200-300k price point. • We lower our FY26E volume est. by 4% to reflect slower EREV demand and hold our TPs of HK$82/US$21 on FY26E P/E of 15x; maintain Underperform."

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