XPeng price target raised to $15 from $6.28 at Citi

Citi analyst Jeff Chung raised the firm’s price target on XPeng to $15 from $6.28 and keeps a Sell rating on the shares. The analyst increased estimates to reflect the better than expected sales performance of the new model G6, which the firm notes also boosted overall customer traffic and sales volume. To factor in VW partnership, Citi changed its valuation methodology for the shares.