UPDATE: Bernstein Starts Li Auto (LI) at Outperform (correction)
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Bernstein analyst Eunice Lee initiates coverage on Li Auto (NASDAQ: LI) with a Outperform rating and a price target of $43.00.
The analyst comments "We are attracted to the company's extended range electric vehicle ("EREV") technology and think it will remain competitive over the medium to long term. We expect China's EV charging infrastructure problem to take years to resolve, and expect Li Auto's cars to be attractive in the market – both inside cities with license plate restrictions and elsewhere. Li Auto is also simultaneously developing a BEV platform and expanding its sales network to drive growth. We think expectations for near-term volumes look manageable, and expect monthly volume progress to help support share price performance. We value Li Auto on 3.5x 2023E EV/sales multiple."
Shares of Li Auto closed at $32.67 yesterday.
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