MMacquarie XXPeng · XPEV
Macquarie Downgrades XPeng to Neutral, $19 PT
Rating
Hold
Price target
$19
Previous
$24
Implied upside
+8%
Macquarie analyst Eugene Hsiao downgraded XPeng (NYSE: XPEV) from Outperform to Neutral with a price target of $19.00 (from $24.00).
“We still like XPeng’s physical AI optionality, but cannot ignore the hard truth that volume growth is no guarantee this year.
Shares typically outperform when XPeng releases a clear hit product (e.g., P7+, Mona M03), but it remains too early to judge if the upcoming GX or new Mona SUV series in 2H25 will have a similar impact.
Earnings changes: We lower FY26E unit volume by 7% on soft early demand.
Our GPM improves 60bps on higher other income mix, but our FY26E loss per share estimate drops to -Rmb1.28 from -Rmb0.45 amid higher R&D spend. We introduce our FY28E estimates.”
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The price target and rating on this page are the opinion of the issuing research firm and its analyst, not of Price Target. This page is published for informational purposes only and is not investment advice, a recommendation, or an offer to buy or sell any security. Past performance does not guarantee future results. Consider your own circumstances and consult a licensed financial adviser before making investment decisions.
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