Macquarie raised the firm’s price target on XPeng (XPEV) to $25 from $24 and keeps an Outperform rating on the shares. The firm says that Q1’s net loss beat – partly due to other gains – sets up a potential quarter-over-quarter decline despite solid volume/margin growth. Macquarie is more focused on vehicle margin expansion, though recent peer beats on FX gains could suggest some non-operating upside surprise.
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