This Chinese Tesla Rival Soars 120% In 2023, Bernstein Expects More Gains

Bernstein is bullish on under-the-radar Chinese Tesla Inc TSLA rival Li Auto LI, which has seen a 120% surge this year.

Analyst Eunice Lee raised her price target for the EV manufacturer to $50, suggesting a potential 12.6% gain from Wednesday’s close, CNBC reported.

The company’s shares hit a 52-week high of $46.81 on Thursday.

See Also: Everything You Need To Know About Tesla Stock

Despite industry-wide challenges, Li Auto outperformed its competitors, delivering the most cars among Chinese EV makers in July. Lee anticipates further growth, citing stronger exports and domestic demand in Q2 2023.

Li Auto’s shares were trading almost 5% higher on Thursday, hitting a 52-week high of $46.81.

Read Next: Tesla Races Toward $100B Annual Revenue For 1st Time — But Will It Be Faster Than Large Cap Peers?

Image via Shutterstock


Engineered by Benzinga Neuro, Edited by Pooja Rajkumari


The GPT-4 Benzinga Neuro content generation system exploits the extensive Benzinga Ecosystem, including native data, APIs, and more to create comprehensive and timely stories for you. Learn more.


Market News and Data brought to you by Benzinga APIs
Comments
Loading...
date
ticker
name
Price Target
Upside/Downside
Recommendation
Firm
Posted In: NewsAnalyst RatingsTechMediaTrading IdeasLi AutomobilityTesla
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!