BofA, Citi Remain Bullish On This EV Company, Bump Up Price Target - XPeng (NYSE:XPEV)

BofA analyst Ming Hsun Lee raised the price target on Xpeng Inc XPEV to $66 from $63 (21% upside) and kept a Buy rating on the shares.
Factoring its Q3 results and latest guidance, Lee raised 2022 and 2023 sales estimates by 7% and 8%, respectively, and lowered 2021/22/23 net loss estimates by 14%, 7%, and 1%, respectively.
Citi analyst Jeff Chung raised the price target to $92 from $87 (69% upside) and kept a Buy rating on the shares.
Chung said the company reported "robust" Q3 results, with margin largely beating consensus and Q4 guidance in-line with consensus expectations.
The analyst viewed the quarter as strong, with quarter-over-quarter trends for all items in-line with his full-year forecasts.
Related Content: Xpeng Aims To Sell Nearly As Many Electric Vehicles Overseas As In China
Price Action: XPEV shares are trading higher by 6.17% at $54.46 on the last check Wednesday.