XPeng price target lowered to $7 from $8 at Barclays

Barclays analyst Jiong Shao lowered the firm’s price target on XPeng to $7 from $8 and keeps an Underweight rating on the shares. With Mona 3 just launched in early August and P7+ to be launched in Q4, the company’s spending is set to ramp in the second half of 2024, resulting in significant losses in the coming quarters, the analyst tells investors in a research note.