XPeng price target raised to $8 from $6 at Barclays

Barclays analyst Jiong Shao raised the firm’s price target on XPeng to $8 from $6 and keeps an Underweight rating on the shares. The company reported fiscal Q3 results with worse than expected gross margins, the analyst tells investors in a research note. The firm says strong G6 momentum was encouraging but that heightened competition is “casting a cloud.” It awaits better clarity around the industry competitive landscape and further evidence of a turnaround before getting more positive on XPeng shares.