JP Morgan: Lowers XPENG-W (09868) target price to HK$118, maintains "overweight" rating
The statement indicates that Xiaopeng's performance in the first quarter roughly meets expectations, and the company maintains a positive outlook. Sales growth is expected to accelerate from the second quarter, while overseas market expansion and AI-related developments will support a reevaluation of long-term potential value.
J.P. Morgan released a research report stating that it has adjusted its forecast for XPENG-W (09868) 2026 loss to 3.92 billion yuan, up from the previous 3.891 billion yuan. After adjustments, the revised loss is 3.47 billion yuan to reflect first-quarter performance. The target price has been lowered from 135 Hong Kong dollars to 118 Hong Kong dollars. The bank pointed out that XPeng's first-quarter performance largely met expectations, and they maintain a positive view on the company. Sales growth is expected to accelerate from the second quarter, and developments in AI technology related to CKH HOLDINGS will support a reevaluation of long-term potential value. They also maintain a "hold" rating on the stock.
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