US Tiger Securities Upgrades XPeng (XPEV) to Buy
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US Tiger Securities analyst Bo Pei upgraded XPeng (NYSE: XPEV) from Hold to Buy with a price target of $43.00 (from $50.00).
The analyst commented, "We are upgrading XPEV from HOLD to BUY and decreasing PT to $43 (was $50) primarily on lower valuations of comps. With 4Q deliveries (41,751) preannounced, investors primarily focused on 4Q margin,1Q guidance and '22 outlook. Vehicle margin was 10.9% in 4Q, up 410bps y/y but down 270bps q/q, mainly on model mix shift. The company guided 1Q deliveries to 33,500 – 34,000, 4% below our estimate, primarily on supply chain constraints and new COVID-19 cases causing delivery issues. XPEV will start delivering its first SUV model G9 in 3Q:22, and plans to launch two new modes in '23. New models including G9 will enjoys higher gross margins compared with existing ones. XPILOT 3.5 is showing better than expected performance and mgmt. believes attach rate can reach 50% with the launch of XPILOT 4.0 next year."
Shares of XPeng closed at $27.05 yesterday.
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