Macquarie Upgrades XPeng to Outperform, $19 Price Target
- Rating
- Outperform
- from Neutral
- Target
- $19
- Unchanged
- Upside
- +98%
- XPEV at $9.60 today
What the analyst said
Macquarie analyst Eugene Hsiao upgraded XPeng (NYSE: XPEV) from Neutral to Outperform with a price target of $19.00.
“Strong order intake for the GX signals a strong start for XPeng’s new model wave, which is to be followed by the new MONA SUVs (L03/L05) and the larger G9L, suggesting to us that the worst of volumes this year is behind the company.
Shares still have optionality from future investments in humanoids and robotaxi.
We raise our FY26E unit volume 7% on higher-than expected GX orders. Our GPM improves 20bps on better mix, but our FY26E loss per share estimate drops to -Rmb1.97 from -Rmb1.28 from higher R&D spend.
We raise our sales forecast, but lower target P/S to 1.3x FY26E (was 1.4x) based on EV/tech peer comps. TPs unchanged at HK$73/US$19.”
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Where the price stands
XPEV trades at $9.60. The 7 analysts who set a target in the last 3 months range from $10 to $22, with a median of $16. This $19 target is 19% above the median.
Since the note XPEV has moved −42% (from $16.44). 12-month window: day 160 of 365, closes on May 29, 2027.
Track record
This callOpen: XPEV has not reached $19 yet. This 12-month target is scored on May 29, 2027.
Firm track recordToo early to score Macquarie: price targets are 12-month calls and fewer than 5 of its targets are a year old. 6 of its 11 open targets have already been reached. How we score
Macquarie on XPeng
Macquarie price targets on XPeng
3 calls from January 15, 2026 to May 29, 2026. The target went from $26 to $19 (−27%). The rating stayed Buy.
- May 29, 2026 This noteUpgraded to Buy, kept the $19 targetBuy$19
- March 23, 2026Downgraded to Hold, target cut from $26 (−27%)Hold$19
- January 15, 2026Earliest call shownBuy$26
