Li Auto price target raised to $60 from $56 at BofA

BofA analyst Ming Hsun Lee raised the firm’s price target on Li Auto to $60 from $56 and keeps a Buy rating on the shares. The company’s fourth new EREV model – L6 – should start to contribute to sales in Q2-Q3 of 2024, the analyst tells investors in a research note. Li Auto is also expected to launch its first BEV model in Q4 of this year and deliver it in Q1 of 2024, the firm states, raising its 2023, 2024, and 2025 expected sales volumes by 1%, 5%, and 23% respectively.