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Wall Street sets Li Auto stock price for the next 12 months

Wall Street sets Li Auto stock price for the next 12 months

Li Auto (NASDAQ: LI) shares experienced an increase in value on November 9, as the EV producer unveiled its Q3 2023 financial results. These results show that the EV manufacturer topped its revenue expectations by $150 million for this period.

Li Auto also reported a Q3 revenue of $4.75 billion, up 271.2% year-over-year and 21% quarter-over-quarter. 

However, the stock value of this electric vehicle producer decreased due to the missed earnings per share of $1.34, while expectations were set at $2.19. This sudden dip continued in the subsequent days, further depreciating LI’s stock value after a released transcript of the earnings call on November 10.

LI stock price chart analysis

Since the earnings announcement, LI’s stock has recuperated slightly and is trading at $38.30 per share on Monday, November 13, despite losing 3.51% of its value in the past five sessions.

Li Auto 5-day stock value.  Source: Google Finance
Li Auto 5-day stock value. Source: Google Finance

Over the last month, LI has been trading within a range of $31.89 to $39.90, and it’s currently close to the upper end of this range. 

Strong industrial performance

Although the market’s response to LI’s earnings is unexpected, the company’s Q3 report demonstrated solid fundamentals

In the third quarter of 2023, the automaker delivered 105,108 units, marking a remarkable increase of 296.3% compared to last year. Li Auto announced its status as the first emerging new energy automaker in China to reach the milestone of 500,000 deliveries.

Li Auto, known for its emphasis on extended-range electric vehicles (EVs), is set to launch its inaugural battery EV, the Li MEGA, in December 2023. The vehicle will be built on an 800-volt platform featuring a 5C-rate charging capability. The BEV will be manufactured at a newly established plant in Beijing.

Wall Street’s forecasts for LI

Notably, Wall Street’s average 12-month price objective for Li Auto’s stock price currently stands at $53.75, implying around 45.43% further upside compared to the current share price.

Wall Street analysts’ average price target for LI  Source: TipRanks
Wall Street analysts’ average price target for LI Source: TipRanks

The stock has an average analyst rating of ‘Strong Buy,’ based on 4 ‘Buy’ recommendations. It is also important to note that the lowest predicted price target in 12 months is higher than the current one.

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