Citi opens catalysts call on XPeng (XPEV); reiterates Sell rating

Citi reiterated a Sell rating on XPeng (NYSE: XPEV) with a 12-month price target of $10.50 on the Chinese EV stock following the automaker’s October 2023 delivery report.

XPeng announced W3ednesday that the automaker delivered a record high of 20,002 units in October, representing a 31% MoM increase.

The record performance prompted Citi to open a 30-day positive catalyst watch on XPeng shares. Analysts at Citi also expect XPeng’s 3Q GPM to turn positive, coming out ahead of the Street’s estimates.

For the 4Q Citi anticipates the company’s GPM to continue surprising the Street on the upside for NEV newcomers. However, analysts warn that the upside may be short lived.

Shares of XPEV closed trading up 0.28% to $36.60/sh on Wednesday.

By Michael Elkins | [email protected]

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