Daiwa lowered the target price for Li Auto (LI US) to USD49 from USD61 and maintained the "buy" rating.
The research house said it revises down 2024-26 sales volume forecasts by 11-22% based on management's volume guidance cut and heightened competition. It also lowers the 2024-26E gross margin by 0.2-0.4% given a reduced utilisation rate.
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