JPMorgan analyst Nick Lai lowered the firm’s price target on XPeng to $9 from $19 and keeps a Neutral rating on the shares. The analyst believes the recent weakness in the shares is attributable to the company’s slow January sales and hence potentially weak margin in Q1. However, the firm expects two potential positive catalysts: the launch of two new models in the second half of 2024 and improving profitability from Q2 when the company starts to recognize technology royalty fee from Volkswagen. As such, JPMorgan looks for a potential entry point into the second half of the year.
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