BofA analyst Ming Hsun Lee downgraded XPeng (XPEV) to Neutral from Buy with a $12.40 price target after Tesla (TSLA) cut Model 3 and Y prices to "new lows" on January 6. Tesla’s price cuts could pressure some peers’ sales and market share, and "XPeng could be one of them" as its main product, the P7, has similar pricing and brand positioning as the Model 3, Lee tells investors.
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Published first on TheFly
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