Macquarie Upgrades Li Auto to Neutral, $15 Price Target
- Rating
- Neutral
- from Underperform
- Target
- $15
- Unchanged
- Outcome
- Reached
- on June 1, 2026
What the analyst said
Macquarie analyst Eugene Hsiao upgraded Li Auto (NASDAQ: LI) from Underperform to Neutral with a price target of $15.00.
“Li Auto’s large cash position (Rmb94bn) is approaching its market cap (~Rmb113bn), supported by the recently launched US$1bn buyback program.
Management’s 2Q outlook suggests lower i6 volumes, which could improve mix despite a slower-than-anticipated L9 order intake.
Despite these headwinds, we believe 1Q26 is set to be the trough quarter, with potential for a bottoming out in Li Auto’s near-term fundamentals.
We cut our FY26E volume forecast by 12% and EPS estimate to a net loss -Rmb0.32 (from +Rmb0.63) on concerns for softer demand for new models.
We raise our target P/S multiple to 0.75x (was 0.7x) based on peer comps and a historical 1 SD below the post-COVID mean. We trim our H-share TP by 3% to HK$57 (from HK$59), but our US-share TP remains US $15 on FX”
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Where the price stands
LI trades at $11.92. The 5 analysts who set a target in the last 3 months range from $13 to $16, with a median of $14.20. This $15 target is 6% above the median.
Since the note LI has moved −23% (from $15.54). 12-month window: day 160 of 365, closes on May 29, 2027.
Track record
This call✓ Target reached on June 1, 2026, 3 days after the note.
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 Li Auto
Macquarie price targets on Li Auto
2 calls from March 13, 2026 to May 29, 2026. The target stayed at $15. The rating moved from Sell to Hold.
- May 29, 2026 This noteUpgraded to Hold, kept the $15 targetHold$15
- March 13, 2026Earliest call shownSell$15
