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XPeng upgraded to Outperform from Neutral at Macquarie

Macquarie upgraded XPeng (XPEV) to Outperform from Neutral with a price target of $24, up from $22. The company’s Q1 report was another towards net profit, the analyst tells investors in a research note. The firm believes XPeng is now addressing its previous scale challenges. The firm thinks the M03 and P7+ can “kick-start a growth cycle” to help XPeng reclaim electric vehicle market share.

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