Li Auto price target lowered to $43.60 from $48.50 at Citi

Citi lowered the firm’s price target on Li Auto to $43.60 from $48.50 and keeps a Buy rating on the shares following the L6 order update. The firm is not sure now whether the 10,000 units of orders are refundable or not. If the units are refundable orders, it’s a bit lower than expected as previously L7/L9 refundable orders booked 21,000 and 50,000 units in 72 hours after product launches, the analyst tells investors in a research note. Citi also expects Tesla’s price-cut strategy to further affect market sentiment.