Barclays Lowers XPeng Price Target to $16

Barclays analyst Jiong Shao lowered the price target on XPeng (NYSE: XPEV) to $16.00 (from $17.00) while maintaining a Underweight rating.

“Summary: Q1 delivery guide is a bit below our expectations but the company is launching several new models in 2026.

The issue we see is that ’26 is shaping up as a pretty difficult year for NEVs in China as the government is cutting back on tax incentives and a number of EV makers are launching new models.

While management is hopeful and optimistic about the sales of their new models, visibility into success of these new models is limited, needless to say.

The only bright spot we see for Chinese EV makers is the overseas market and we agree with XPEV management that the company should focus on growing its overseas sales by over 100% in ’26 (to over 20% of total vehicle sales).

Separately, the company has been aggressively investing in robotaxi and humanoid robots and has some aspirational year-end targets for both new initiatives.

We are a bit concerned about both the company’s resources and management stretching itself a bit too thin when investing in multiple new areas.”

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