Li Auto price target raised to $56 from $52 at BofA

BofA raised the firm’s price target on Li Auto to $56 from $52 and keeps a Buy rating on the shares after the company reported Q2 results and guided that it expects delivery to be in range of 100-103,000 units in Q3, which the analyst notes would be up 277%-288% year-over-year and up 19% quarter-over-quarter. After factoring in Q2 results, the firm maintains “largely unchanged” its 2023-25 volume sales and revenue forecasts, but “tweaked up” 2023-25 net income forecasts by 2%, 22% and 14%, respectively.