Zeekr initiated with a Buy at Citi

Citi initiated coverage of Zeekr Intelligent Technology with a Buy rating and $32.40 price target. Zeekr is positioned in the premium intelligent battery electric vehicle market and differentiates itself with strong technological expertise, in-house research and development capabilities, and “exceptional” user experience, the analyst tells investors in a research note. The firm says Zeekr is able to employ an asset-light model empowered by Geely group, which helps it put more resources in charging infrastructure and direct sales network and achieve “better-than-peers” financial performance.