Macquarie Upgrades XPeng to Outperform, $19 PT
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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