Li Auto price target lowered to $20 from $25 at Bernstein

Bernstein lowered the firm’s price target on Li Auto (LI) to $20 from $25 and keeps a Market Perform rating on the shares. The firm says that while Li management’s longer term vision “inspires confidence,” it hinges on the evolution of the artificial intelligence landscape that is “likely several years away.” The firm awaits turnaround momentum before recommending the shares.