Goldman Sachs analyst Tina Hou reiterated a Buy rating on XPeng Inc. (NYSE:XPEV), with a price forecast of $11.50.
Yesterday, the company reported fiscal first-quarter sales growth of 62.3% year-on-year, to 6.55 billion Chinese Yuan ($0.91 billion), beating the analyst consensus estimate of 6.17 billion Chinese Yuan ($0.87 billion). Total revenues declined 49.8% sequentially.
Adjusted net loss per ADS of $0.21 beat the analyst consensus loss estimate of $0.27.
Per Hou, the beat is mainly from software services revenue with much higher margins versus the vehicle sales segment.
With recurring software services revenue recognition, the company gross ...