XPeng US Stocks Gained 9.68% While HK Stocks Rose 6% on BofA Upgrade

InvestorPlace2023-08-22

XPeng (NYSE:XPEV) stock got a boost on Monday after Bank of America analyst Ming Hsun Lee upgraded the electric vehicle (EV) company’s shares.

That upgrade has the rating for XPEV stock at the firm increasing from a “neutral” rating to a “buy” rating. For the record, the analyst consensus rating for XPEV shares is a “hold” based on 13 opinions.

To go along with that upgrade, the Bank of America analyst set a price target of $22 per share for XPEV stock. That represents a potential upside of 49% over the next 12 months compared to Friday’s close. It’s also sitting above the analyst consensus price prediction of $15.43 per share.

Why the Bullish Stance on XPEV Stock?

Lee listed the following benefits for XPEV stock in a note to clients obtained by CNBC:

“(1) investors’ concerns over XPeng’s fast cash burn will be lower, which supports valuation; (2) XPeng’s AD capability is endorsed. We estimate it to record annual technology service income of RMB200-300mn per annum in 2024-25; (3) XPeng could manage cost better through larger scale procurement and stronger supply chain shared with VW.”

Its US stocks gained 9.68% on Monday while HK stocks rose 6.13%.

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King19
2023-08-22
King19
Keep buying

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