Citi analyst Jeff Chung raised the firm’s price target on Li Auto to $29.60 from $25.50 and keeps a Neutral rating on the shares.
Li Auto shares jumped nearly 8% in premarket trading.
The firm expects the upcoming Tesla Robotaxi event and car sales high season to potentially boost investor sentiment and valuations of the Chinese electric vehicle names.
Considering the L7/8/9 aging issue and peer competition as well as low battery electric vehicle sales visibility, the firm sees the valuation of Li Auto as already at a fair level and risk/reward balanced.
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