Citi on XPeng (XPEV): 'new model launch is overall neutral to Xpeng stock price'
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Citi analyst Jeff Chung reiterated a Sell rating and $15.00 price target on XPeng (NYSE: XPEV).
The analyst comments "We believe the new model launch is overall neutral to Xpeng stock price as the company should marginally gain some volume but lose its premium status. We maintain our Sell rating and expect the current share price has fully priced in the VW-Xpeng partnership, and the >20k/month potential sales run-rate in 4Q23. Entering into 2024 we see more price-war ahead due to the sector’s low utilization rate"
Shares of XPeng closed at $17.49 yesterday.
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