China-based EV maker Li Auto (LI) revealed that it hit a new record and crossed the 8,000-vehicle target, with the delivery of 8,589 Li ONEs in July 2021. This marked a 251.3% year-over-year and 11.4% sequential growth.
Shares of Li Auto closed 8.9% higher on Friday.
As of July 31, 2021, total deliveries stand at 38,743 in 2021. This represents cumulative deliveries of Li ONE at 72,340, since its launch. (See Li Auto stock charts on TipRanks)
Following the release of this robust data, Li Auto President Yanan Shen said, “Driven by outstanding product features and performance, the 2021 Li ONE set an all-time high in monthly deliveries once again. By the end of this year, we will launch a series of major OTA upgrades to elevate our product offering to new heights.”
Last month, Credit Suisse analyst Bin Wang maintained a Buy rating and lifted the stock’s price target to $41 (22.8% upside potential) from $38.
On June 7, Goldman Sachs analyst Fei Fang maintained a Buy rating and increased the stock’s price target to $62 (85.7% upside potential) from $60.
Fang commented, “We raise forecasts for LI to reflect our upgraded expectations for its structural market shares (i.e. 2023-2025 sales), the optimistic backlog for the new facelift version (i.e. 2021-2022 sales), the expanding ASP, and the expanding gross margin. We currently model LI to grow sales from 33,000 units in 2020 to 580,000 units in 2025 (from 545,000 prior). If materialized, this would be an unprecedented scale of growth in the domestic auto industry.”
Li Auto shares have exploded 104.1% over the past year, and the stock still scores a Strong Buy consensus rating, based on 5 unanimous Buys. That’s alongside an average Li Auto price target of $45.90, which implies 37.5% upside potential to current levels.
Additionally, TipRanks data shows that financial blogger opinions are 100% Bullish on LI, compared to a sector average of 70%.
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