Investing.com-- Macquarie upgraded Li Auto Inc (NASDAQ:LI) to outperform despite the company likely missing its Q4 guide, as it sees lower risk at current price levels. The US listed stock rose more than 6% on Thursday trading.
Macquarie noted that “Q4 volumes came in below the low end of guidance,” with a higher mix of lower-priced L6 and L7 models weighing on top-line performance. However, net profit could beat expectations.
The brokerage stated that “Q1 premium EV volumes could be seasonally weak” but suggested that concerns over Li Auto’s battery electric vehicle (BEV) SUV lineup may already be priced in. While January sales fell 49% month-over-month, Li Auto still outperformed most startup EV peers, including AITO.
Macquarie cut its fiscal 2025 volume and revenue forecasts by 3.3% and 2.8%, respectively, and lowered its price target to HK$113 and US$29, while maintaining an unchanged 1.2x price-to-sales multiple on its 2025 sales estimate.
Li Auto has a strong brand position it has yet to disclose details on its upcoming BEV SUVs, which could influence market sentiment, Macquarie said, adding that “Li Auto stands alone among China's new wave of EV entrants” with leading volumes, vehicle margins, and cash generation, though its transition to BEVs remains unproven.
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