Bank of America highlight a deal with German auto maker Volkswagen in an XPeng stock upgrade on Monday.
Bank of America thinks XPeng's partnership with Volkswagen is enough to significantly improve the company's outlook. The firm upgraded the Chinese electric vehicle maker to buy from neutral on Monday with a $22 per share price target. BofA's forecast implies roughly 49% upside from Friday's $14.98 close.
mountain XPeng has climbed more than 50% from the start of the year. To be sure, the stock dropped more than 4% after XPeng reported a larger-than-expected net loss for the second quarter . — CNBC's Michael Bloom contributed to this report.
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