XPeng price target lowered to $10 from $11 at BofA

BofA lowered the firm’s price target on XPeng to $10 from $11 and keeps a Buy rating on the shares. After XPeng announced Q2 results, the firm lifted its 2024, 2025 and 2026 volume sales forecasts by 3%, 4% and 5%, respectively, but slightly cut average selling price forecasts and trimmed its price target as it factors in lower free cash flow forecasts, the analyst tells investors.