As previously reported, Jefferies upgraded XPeng (XPEV) to Buy from Hold with a price target of $25.30, up from $7.80. The recently announced partnership with Volkswagen (VWAGY) will help XPeng to increase its brand image globally and tech service fee, the firm contends. The EV maker is well positioned to enjoy its first mover advantage of autonomous driving development and the firm expects strong sales momentum, added the analyst, who raised 2023/24 sales volume forecasts.
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