Macquarie analyst Eugene Hsiao lowered the firm’s price target on Li Auto (LI) to $17 from $21 and keeps an Underperform rating on the shares following Q3 results. The firm told investors that it remains cautious on lack of volume momentum and weaker sequential vehicle margins into Q1 2026 coupled with increased cash burn. Macquarie added that hopes of a market share inflection on any refreshed L-series launch may be “dashed” in the face of increasing competition from other new extended-range electric vehicle launches in 2026.
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