Why XPeng Stock Spiked Higher Today
Chinese companies have been a focus for investors in recent days. Shares of companies that do business in China have soared after the government announced fresh economic stimulus measures.
Electric vehicle (EV) maker XPeng (NYSE: XPEV) is one likely beneficiary of those support measures. But there are other reasons that investors are becoming more bullish on XPeng. That helped the stock surge as much as 14% Friday morning. As of 1:30 p.m. ET, XPeng shares had pared some of that rise, but held onto a gain of 10%.
One new bullish take on XPeng's business just came from analysts. The firm boosted its price target on the EV manufacturer as it sees increasing sales on the horizon. That should lead to better financial performance in the medium to long term.
Source Fool.com
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