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XPeng Stock Rallies Following PT Raises, Comments on European Expansion Plans

Investing.com
·1-min read

By Sam Boughedda

Investing.com — Xpeng Inc (NYSE:XPEV) has strengthened around 7% Wednesday after positive price target changes and comments about its European expansion plans.

XPeng's vice president and chairman Brian Gu told CNBC that the company wants half of its vehicle deliveries to go outside of China. "As a company that focuses on global opportunities, we want to be balanced with our contribution of delivery — half from China, half from outside China — in the long run," Gu explained in an interview on Squawk Box Asia.

Gu added that XPeng plans to invest further in international markets in the next couple of years following its first shipments to Norway at the end of 2020. The company expects to enter the Swedish, Danish, and Dutch markets in 2022.

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In further positive news for the stock, Citi analyst Jeff Chung raised his target to $92 from $87, keeping a Buy rating. The analyst said XPeng's Q3 results were "robust." Chung sees robotaxi's being a potential catalyst for next year.

Ming Hsun Lee at BofA also raised the price target on XPeng shares to $66 from $63, maintaining a Buy rating. Furthermore, Lee raised 2022 and 2023 sales estimates for the company following the earnings report.

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