Why Electric Vehicle Maker Xpeng Accelerated Higher Today
The American depositary receipts (ADRs) of Chinese electric vehicle (EV) manufacturer Xpeng (NYSE: XPEV) accelerated nearly 7% higher on Friday, following the company's Hong Kong-listed stock gain of 12%. The charge that powered both securities upward was a new and bullish research note from a compatriot investment bank.
China International Capital Corporation (CICC) has initiated coverage on Xpeng stock with an outperform (i.e., buy) recommendation. It has put a $46 price target on the ADRs, 13% higher than the latest closing price.
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Source Fool.com
