Xpeng Price Target Raised To $57.71 From $34.70 At Citi

Citi analyst Jeff Chung raised the firm's price target on Xpeng (XPEV) to $57.71 from $34.70 and keeps a Buy rating on the shares.

The stock closed Friday down $2.74 to $41.99.

The analyst expects "strong" China new energy vehicle sales momentum to continue into Q1 of 2021 with the sector year-over-year above 100%.

Xpeng should deliver greater than 3,000 P7 monthly sales in January "after more sufficient battery supply," Chung tells investors in a research note. The analyst values Xpeng's software business separately at $7.65 per share. His "bull case sensitivity analysis" suggests the stock could be worth $67.79.