Li Auto upgraded to Buy from Hold at Deutsche Bank

Deutsche Bank upgraded Li Auto to Buy from Hold with a price target of $41, down from $45. Following the stock’s 32% decline since late November, the firm sees a “compelling set-up in the coming quarters driven by a robust product pipeline,” further supported by an attractive valuation for a “top tier” electric vehicle player. The management team has proven to be best-in-class, says the firm. While Q1 will be soft, Li’s volume and margin should bounce back starting in Q2, boosted by new/refreshed models, says Deutsche Bank.