XPEV Stock Price: $57.71 Target By Citi

By Amit Chowdhry ● Nov 17, 2020
  • Xpeng Inc (NYSE: XPEV) shares have received a price target increase from $34.70 to $57.71 by Citi. These are the details.

Xpeng Inc (NYSE: XPEV) shares have received a price target increase from $34.70 to $57.71 by Citi. Citi analyst Jeff Chung is maintaining a “Buy” rating on Xpeng shares. And based on a bull case analysis, Chung believes that XPEV could be $67.79.

Chung is also expecting new energy vehicle sales in China to continue in Q1 2021 with the sector being above 100% year-over-year. Xpeng is expected to deliver over 3,000 P7 units in January alone due to a more sufficient battery supply. 

Several days ago, JPMorgan had assigned XPEV a price target of $43. And JPMorgan analyst Nick Lai had upgraded the rating of Xpeng shares from Positive to Overweight. Lai had cited Xpeng as a winner in the mid- to lower-end EV market. 

Xpeng recently reported its Q3 earnings and it was revealed that deliveries expanded 265.8% year-over-year and 165.7% quarter-over-quarter to 8,578 units. And the company’s super charging stations were expanded to 135.

Disclosure: I have a small XPEV position in my stock portfolio.