BofA raised the firm’s price target on XPeng (XPEV) to $29 from $27 and keeps a Buy rating on the shares following quarterly results that feature a Q1 2025 bottom-line beat on FX gain and subsidy. Management expects its sales volume to continue to post strong growth from Q2 2025, driven by the launch of the 2025 version of G6, G9, Mona Max in 2Q25, the start of G7 and new P7 delivery from Q3 2025, and new models under Kunpeng Super Hybrid architecture in Q4 2025.
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