BofA lowered the firm’s price target on Li Auto to $55 from $60 and keeps a Buy rating on the shares. The firm lowered 2024 and 2025 volume sales estimates by 6% and 4%, respectively, given lower-than-expected new orders from MEGA MPV and also lowered 2024 and 2025 net income by 9% and 7%, respectively, citing Li Auto’s lowered entry-level price and widened discount for 2024 Li L-series models after the company launched 2024-facelifted Li L7, L8, and L9 models equipped with enhanced functions and features on March 1.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See the top stocks recommended by analysts >>
Read More on LI:
- EV tide shift makes Wells say sell Tesla, Morgan Stanley more bullish on autos
- Li Auto call volume above normal and directionally bullish
- Li Auto price target raised to $74 from $63 at Morgan Stanley
- Li Auto Li Mega electric vehicle equipped with Hesai Technology
- What You Missed This Week in EVs and Clean Energy
