Li Auto price target lowered to $19 from $21 at JPMorgan

JPMorgan analyst Nick Lai lowered the firm’s price target on Li Auto to $19 from $21 and keeps a Neutral rating on the shares. The company’s Q2 results were in line with estimates, particularly vehicle margin, which saw moderate sequential slippage as a result of weaker mix, the analyst tells investors in a research note. The firm recommends investors revisit the stock only on more visibility of new battery electric vehicle models into 2025 or more conviction on sustained profitability in Q4 of 2024.