Li Auto (NASDAQ:LI) stock is on the rise Tuesday following news of new coverage from Jefferies analyst Alexious Lee.
To go along with the new coverage is a price target of $44.50 per share for LI stock. That’s a bullish stance next to the consensus price target of $34.89 for shares of the stock. It also implies a 36.5% increase for the stock compared to its closing price of $32.60 on Friday.
So why exactly is Lee taking such a strong stance on LI stock. It all comes down to the company’s EREV Powertrain. The analyst notes this has been a success and will allow the company to make a profit ahead of its Chinese electric vehicle (EV) rivals.
That’s not all the positive words the Jefferies analyst had to say about LI stock. He’s also estimating a 100% sales growth in fiscal 2021 and an 86% sales growth in fiscal 2022. Both of these are better than consensus estimates, reports TheFly.com.
LI stock was up 8.8% as of Tuesday morning.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.
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