XPEV - XPeng stock is upgraded at Jefferies to a Hold rating from Sell
2023-04-25 10:29:39 ET
Jefferies upgraded XPeng ( NYSE: XPEV ) to Hold from Sell on Tuesday on a more positive view of the electric vehicle maker's ADAS leadership position and with strong sales for the P7i factoring in.
Hong Kong-based analyst Johnson Wan believes the emergence of ChatGPT has convinced buyers of ADAS driving technology. Channel checks indicate 30% of recent buyers of P7i have bought the vehicle for its XNGP features.
The firm assigned a base case price target of HK$39.80 based on a 15X multiple of FY26 earnings and bull case price target of HK$46.30 based on a faster pace of new model rollouts.
Shares of XPeng ( XPEV ) fell 6.24% on Tuesday to $8.70 vs. the 52-week trading range of $6.18 to $35.35. The drop came with the EV sector reeling as a whole.
More on XPeng:
- XPeng: Credibility Needs To Be Earned Through Deliveries
- Read more breakdowns on XPeng from Seeking Alpha analysts
- View the growth metrics
- See the financial and valuation comparisons to sector peers
- Dig into the Seeking Alpha Quant Rating
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XPeng stock is upgraded at Jefferies to a Hold rating from Sell