Citi Upgrades XPeng (XPEV) to Neutral

Citi analyst Jeff Chung upgraded XPeng (NYSE: XPEV) from Sell to Neutral with a price target of $8.30 (from $7.70).

The analyst comments: "UG Xpeng to Neutral on (1) Stronger model cycle ahead, (2) New smaller car to enhance exports, (3) Valuation risk-reward appears Neutral, (4) We lifted BEV penetration recently, (5) VW to benefit its GPM and ADAS. Not Buy due to (1) tough BEV demand/supply, (2) recent weak EV sales and (3) weak model cycle until 4Q24E."

For an analyst ratings summary and ratings history on XPeng click here. For more ratings news on XPeng click here.

Shares of XPeng closed at $7.92 yesterday.

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