Jefferies Downgrades Li Auto (2015:HK) to Hold, HK$68.30 PT

Jefferies analyst Xiaoyi Lei downgraded Li Auto Inc (2015:HK) (NASDAQ: LI) from Buy to Hold with a price target of HK$68.30 (from HK$112.80).

“We downgrade Li Auto from Buy to Hold, as competition in family SUV segment has intensified, and we think Huawei’s strong product cycle in 2026 could further pressure Li Auto’s EREV lineup.

While the debut of its first AI glass marks an initial move into AI hardware, meaningful commercialization of broader AI initiatives may take time.

With a light product cycle and industry headwinds, 2026 is likely to be a transition year. We cut our TPs to $17.5 / HKD68.3.”

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