Citi Lowers Li Auto Price Target to $18.50

Piper Sandler noted that, over the weekend, several Chinese automakers published delivery results for last month, and after reviewing the results, he believes investors should conclude that 2026 sales estimates require downward revisions. Year-to-date sales are likely tracking lower by at least 15% or "probably more," and absent a sharp rebound, the firm's current forecast of a 3% year-over-year decline is looking "too optimistic," the analyst tells investors in a research note. The firm added that, as expected, most companies reported year-over-year declines in February, due in part to the timing of Chinese New Year. Piper Sandler has a Neutral ratting and $95 price target on BYD (BYDDF), an Overweight rating and $49 price target on Xiaomi (XIACY), an Overweight rating and $61 price target on Zhejiang Leapmotor (ZJLMF), and Neutral rating and $19 price target on Li Auto (LI).