Li Auto Inc. (NASDAQ:LI) shares are trading higher Thursday as the stock recovers from sharp losses following Wednesday's second-quarter earnings print.
The Details:
Li Auto shares are recovering from Wednesday's losses after B of A Securities analyst Ming Hsun Lee maintained a Buy rating on the stock and raised the price target from $30 to $31 on Thursday. However, JP Morgan maintained its Neutral rating on Li Auto and lowered its price target from $21 to $19.
Li Auto shares fell sharply on Wednesday after the company's quarterly revenue missed analyst expectations and adjusted income from operations fell 57.4% year-over-year. Vehicle margin also declined by 230 basis points to 21%, mainly due to changes in product mix and pricing strategy.
According to data from Benzinga Pro, Li Auto shares are moving on above-average volume slightly below the stock's 50-day moving average of $19.69.
Will LI Stock Go Up?
When trying to assess whether or not Li Auto will trade higher from current levels, it's a good idea to take a look at analyst forecasts.
Wall Street analysts have an average 12-month price target of $25 on Li Auto. The Street high target is currently at $31 and the Street low target is $19. Of all the analysts covering Li Auto, one has positive ratings, one has neutral ratings and no one has negative ratings.
In the last month, 2 analysts have adjusted price targets. Here's a look at recent price target changes [Analyst Ratings]. Benzinga also tracks Wall Street's most accurate analysts. Check out how analysts covering Li Auto have performed in recent history.
Stocks don't move in a straight line. The average stock market return is approximately 10% per year. Li Auto is 44.52% down year-to-date. The average analyst price target suggests the stock could have further upside ahead.
For a broad overview of everything you need to know about Li Auto, visit here. If you want to go above and beyond, there's no better tool to help you do just that than Benzinga Pro. Start your free trial today.
LI Price Action: According to Benzinga Pro, Li Auto shares are up 7.02% at $19.05 at the time of publication Thursday.
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Image: Courtesy of Li Auto, Inc.
