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XPEV Stock Alert: JPMorgan Just Issued a Warning About Xpeng

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  • Xpeng (XPEV) stock is sliding after a downgrade from JPMorgan.
  • That drops it to a “neutral” rating and a $10 price target.
  • JPMorgan analysts aren’t convinced XPEV can meet its delivery estimates for 2023.
XPEV Stock - XPEV Stock Alert: JPMorgan Just Issued a Warning About Xpeng

Source: shutterstock.com/Robert Way

Xpeng (NYSE:XPEV) stock is on the move Friday after the electric vehicle (EV) company’s shares were downgraded by JPMorgan.

That downgrade has JPMorgan analyst Nick Lai dropping shares of the stock from a “neutral” rating to an “underperform” rating. To put that in perspective, the analysts’ consensus rating for XPEV stock is “reduce” based on 13 opinions.

In addition to that downgrade, Lai set a price target of $10 per share for XPEV stock. That represents a potential 33.5% downside compared to the stock’s prior closing price. It’s also below the analysts’ consensus price prediction of $12.24 per share for the stock.

Why the Bearish Stance on XPEV Stock?

Here’s what the JPMorgan analyst had to say about XPEV in a note to clients obtained by Seeking Alpha:

“While we admit XPeng’s G6 pricing is attractive and expect the company to see volume ramp up in 3Q/4Q where we now project ~39k/53k units, our full-year volume estimate is now 133k units, still shy of mgmt’s earlier ambition of ~30% yoy growth to 150k units in 2023.”

As far as stock movement goes today, some 311,00 shares of SPEV have changed hands as of this writing. That’s still a far way off from its daily average trading volume of about 15 million shares. Even so, XPEV stock is down 1.3% as of Friday morning. However, the stock is still up 47.7% year-to-date as of Thursday’s close.

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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.


Article printed from InvestorPlace Media, https://investorplace.com/2023/07/xpev-stock-alert-jpmorgan-just-issued-a-warning-about-xpeng/.

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