Li Auto price target raised to $60 from $57 at BofA

BofA analyst Ming Hsun Lee raised the firm’s price target on Li Auto to $60 from $57 and keeps a Buy rating on the shares after Li Auto officially launched its first pure-EV, MEGA, during its Spring launch event on March 1. Following the launch event, the firm lifted its 2024 and 2025 volume sales estimates by 4% and 2%, and raised its EPS forecasts by 4% and 2%, respectively, to reflect its more positive view on volume sales of the new model MEGA MPV and L6.