JPMorgan analyst Nick Lai downgraded Li Auto (LI) to Neutral from Overweight with a price target of $28, down from $33. The firm notes that consensus calls for China’s PV demand to slow or even decline in 2026 as government subsidies expire by end-2025, and it agrees with that call but also believes that such a slowdown may arrive earlier after strong July PV growth, the analyst tells investors in a research note. The firm is cutting its FY25/FY6 volume and earnings estimates by 10% and 20%, reflecting the fast-changing competitive dynamic.
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