Tiger Securities Lowers Li Auto’s PT to $24

US Tiger Securities analyst Bo Pei lowered on November 28, 2025, the price target on Li Auto to $24 (from $28), while maintaining a ‘Buy’ rating on the stock.

“We are maintaining our BUY rating but decreasing price target to $24 (was $28).

Li Auto reported a soft Q3 as deliveries fell 39% YoY to 93,211 units due to supply-chain constraints, product mix transition, and the MEGA recall impact.

Revenue dropped 36% YoY to RMB27.4bn and gross margin declined to 16.3%, or 20.4% ex-recall.

While near-term financials remain under pressure, we see the quarter as marking a strategic reset, with important positive signals emerging across BEV momentum, product pipeline, and AI capabilities.

Management also formally announced a return to an entrepreneurial operating model, which we believe will enhance execution speed and product-cycle clarity into 2026.”

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