XPeng downgraded to Neutral from Buy at Goldman Sachs

Goldman Sachs analyst Tina Hou downgraded XPeng (XPEV) to Neutral from Buy with a $12.50 price target The firm cites valuation for the downgrade following the stock’s outperformance over the last two months. Goldman remains cautious on XPeng’s competitive environment going into 2025, especially in Q1, which it notes has historically seen intensifying price cuts. There is uncertainty in terms of the continuation of trade-in subsidy, as well as the potential timing and magnitude into 2025, the analyst tells investors in a research note. The firm XPeng’s valuation as fair at current levels.