Why Li Auto Stock Surged 6% Today
Li Auto (NASDAQ: LI) stock bounced 6.5% through 10:35 a.m. ET on Tuesday after receiving two bullish notes from Wall Street analysts. On Monday, Bernstein urged investors to "buy the mega dip" in this Chinese electric car maker's stock, as StreetInsider reported. Just one day later, The Fly reported that Morgan Stanley agrees.
Li auto stock, says Morgan Stanley, is poised to almost double in price -- and will soar to $74 a share within a year.
Li Auto stock had a terrific 2023, with sales surging 173.5%, gross profit margin expanding 280 basis points, and free cash flow growing to $6.2 billion. Net income according to generally accepted accounting principles (GAAP) flipped from a loss in 2022 to a profit of $1.7 billion in 2023.
Source Fool.com
