CLSA cuts its Hong Kong target for XPeng to HK$44, keeps Outperform

CLSA cut its target for XPeng's Hong Kong shares from HK$80 to HK$44 on 23 October and kept its Outperform rating, as AASTOCKS reported the note. The cut was part of a sector review in which CLSA raised its view of China's car industry to Neutral and lowered the targets for NIO, Li Auto, BYD and Geely as well. The reported reasons are sector-wide: lower export rebates could reduce exporters' 2027 profits by a mid-to-high single-digit percentage, which a better product mix and pricing may offset, and CLSA expects China's domestic passenger car sales to fall in 2026. No reason specific to XPeng has been published. 9868 closed at HK$37.12 that day; the new target is 18.5% above that close (XPulse calculation).