Li Auto price target lowered to $39 from $56 at Barclays

Barclays lowered the firm’s price target on Li Auto to $39 from $56 and keeps an Overweight rating on the shares. The company lowered its Q1 and 2024 delivery guidance due softer than expected sales of Mega, which launched on March 1, the analyst tells investors in a research note. The firm says this is the “first crack” in Li’s “nearly flawless execution.”