UPDATE: XPeng (XPEV) PT Raised to $56.30 at Citi After June Shipments Beat Consensus

Citi analyst Jeff Chung raised the price target on XPeng (NYSE: XPEV) to $56.30 (from $50.30) while maintaining a Buy rating after June shipments were 5% above consensus and the sales mix was strongly ahead of consensus with higher-margin-higher-ASP P7 sales up 25% MoM.

The analyst stated "XP delivered 6,565 vehicles in Jun (5% ahead consensus) and +617% YoY and +15% MoM (2Q +439% YoY). The sales mix improved in June with 4,730 (+25% MoM) units of P7, the highest monthly deliveries ever. YTD XPeng registered 30,738 units of shipment, up 459% YoY."

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