UPDATE: Bernstein Starts XPeng (XPEV) at Outperform

(Updated - October 28, 2021 6:20 AM EDT)

Bernstein analyst Eunice Lee initiates coverage on XPeng (NYSE: XPEV) with a Outperform rating and a price target of $56.00.

The analyst comments "Xpeng brings in competitive BEV products such as the P5 for the RMB150k+ upper mass market, that has so far been under-served by EV startups and OEMs alike. We are also positive on Xpeng's relentless focus on autonomous driving development, which will help build its brand equity in the domestic market. There is also significant room for margin improvement as its delivery volumes continue to pick up. We value Xpeng on 5x 2023E EV/sales multiple."

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 $45.90 yesterday.

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