Macquarie Lowers XPeng Price Target to $26

Macquarie analyst Eugene Hsiao lowered the price target on XPeng (NYSE: XPEV) to $26.00 (from $32.00) while maintaining a Outperform rating.

“2026 would be a transition year for XPeng as it boosts its product portfolio with 4 new models potentially in a slowing China EV demand. • Net income breakeven could swing widely depending on revenue structure of VW volume-based fees; we expect “Other” GP to decline 27% YoY in 2026E. • We lower our FY26E volumes by -8% to 545k due to lower govt subsidy for MONA M03 and cut our TP to HK$100/US$26 based on 1.7x P/S.”

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