XPeng price target lowered to $34 from $50 at JPMorgan

JPMorgan lowered the firm’s price target on XPeng (XPEV) to $34 from $50 and keeps an Overweight rating on the shares. The firm sees China’s auto industry underperforming in 2026 year as underlying passenger vehicle growth slips to negative territory. JPMorgan cut Li’s earnings forecast to loss this year citing falling sales volumes and weaker margins