Shares of Li Auto could be under pressure as the company faces tough competition, according to JPMorgan. Analyst Nick Lai downgraded the Chinese electric vehicle company to neutral from overweight and lowered his price target by $5 to $28. His new target suggests the stock — which is up 3.8% year to date — still has 12.4% potential upside from Wednesday's close. "We revise down Li's 2025/26 volume and earnings estimates by ~10-20%, largely to reflect intensifying competitive dynamics facing Li's BEV business," Lai said, adding that the stock is "fairly valued at current levels" in his view. Behind Lai's downgrade is his belief that Li Auto will see more conservative volume in the second half of the year and beyond as competition rises in the company's target battery electric vehicle, or BE

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