XPeng price target raised to $11.70 from $9.80 at BofA

BofA analyst Ming Hsun Lee raised the firm’s price target on XPeng to $11.70 from $9.80 and keeps a Neutral rating on the shares after the company attended the firm’s Asia Conference in New York. XPeng will officially launch G6 and the finalized MSRP on June 29, notes the firm, which contends that G6 will “still be a major model that contributes to sales” in 2024 and notes that XPeng will also launch two new models next year. The firm has lifted 2023-25 volume sales estimate by 6%, 3% and 3%, respectively.