Shares of Chinese vehicle maker Li Auto (NASDAQ: LI) were trading higher on Tuesday, after two Wall Street analysts released bullish notes on the stock.
As of 11:45 a.m. EST, Li’s shares were up about 8.5% from Wednesday’s closing price.
First, Bank of America analyst Ming Hsun Lee initiated coverage of Li Auto with a buy rating and a price target of $42. Lee wrote that he expects sales to grow 48% per year from now through 2025, as electric vehicles gain share in China’s auto market and demand for premium electric models continues to be “robust.”
