XPEV Stock Price: $43 Target By JPMorgan

By Amit Chowdhry ● Nov 14, 2020
  • Shares of Xpeng Inc (NYSE: XPEV) have recently received a price target of $43 by JPMorgan Chase. These are the details.

Shares of Xpeng Inc (NYSE: XPEV) have recently received a price target of $43 by JPMorgan Chase. And JPMorgan analyst Nick Lai upgraded the rating of Xpeng shares from Positive to Overweight.

In a research note, Lai cited Xpeng as being a winner in the mid- to lower-end electric vehicle market. And Lai also correctly predicted that Xpeng’s results announced on Thursday November 12 were expected to see gross margin turning positive with two months of backlog.

For the quarter, Xpeng reported Q3 deliveries had expanded 265.8% year-over-year and 165.7% quarter-over-quarter to 8,578 units. And Xpeng also revealed that its super charging stations were expanded to 135. 

Gross margin also turned positive to 4.6% compared to -2.7% a year ago. And vehicle margin was 3.2% compared to -10.8% a year ago.

“Our commitment to innovation through end-to-end in-house R&D and data-driven capabilities is the cornerstone of our business. This will not only keep XPeng at the forefront of the technologies of Smart EV but also position us well in capturing the significant growth potential in the Smart EV industry. Looking ahead, XPeng will continue to capitalize on its core strengths in technology, while heightening sales and marketing efforts, further enhancing manufacturing capability, and developing our global strategy,” said He Xiaopeng, Chairman and CEO of Xpeng in a statement.

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