XPeng upgraded to Outperform at Macquarie after Q1 report

As previously reported, Macquarie analyst Eugene Hsiao upgraded XPeng (XPEV) to Outperform from Neutral with a price target of $24, up from $22, after the company reported Q1 results. XPeng continues to execute ahead of expectations in a difficult domestic EV market, says the analyst, who believes that strong launches of the M03 MAX and G7 could drive momentum and support a re-rating. The firm raised its volume forecast by 5% in FY25 to 473,000 units increased its FY25 sales estimates to Rmb 81B.