Macquarie Lifts XPeng’s PT to $25 Ahead of Q2 Earnings Report

Macquarie analyst Eugene Hsiao raised on August 15, 2025, the price target on XPeng to $25 (from $24), while maintaining an ‘Outperform’ rating on the stock.

“Q1’s net loss beat – partly due to other gains (subsidies, FX) – sets up a potential QoQ decline despite solid volume/margin growth.

We are more focused on vehicle margin expansion, though recent peer beats on FX gains could suggest some non-operating upside surprise.

We update our estimates and roll forward our valuation to FY26E on 1.5x P/S, raising our TPs to HK$99/US$25; maintain Outperform.”

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