SA分析师升级/降级：XPENG、GOOG、MNSO、SRPT

The Asian Investor sees significant improvement in XPeng’s (XPEV) vehicle margin profile, leading to a more positive outlook on the stock. In contrast, Seeking Alpha analysts have made notable downgrades for Alphabet Inc. (GOOGL) (GOOG) and Sarepta Therapeutics, Inc. (SRPT). Alphabet’s downgrade reflects valuation concerns despite strong performance in cloud services and YouTube, while Sarepta’s shift to Hold by Stephen Ayers highlights platform-level safety concerns and management credibility issues following multiple patient deaths.

Upgrades

• XPeng Inc. (XPEV): Upgrade Hold to Buy by The Asian Investor. The analyst cites impressive delivery growth and vehicle margin improvements as key factors driving the upgrade.

  “XPeng's deliveries are surging, with a specific boost coming from the firm's Mona M03 model, an electric sedan introduced at the end of August 2024... XPeng’s delivery momentum and margin gains are impressive, which is why I am upgrading shares, despite a higher-than-average price tag, to buy.”

• Miniso Group Holding Limited (MNSO): Upgrade Neutral to Buy by Gytis Zizys. The analyst points to robust overseas growth, especially in North America and Europe, as well as strong financial performance.

  “I believe there is a lot of potential for the company to continue to perform at such high levels if the execution of expanding overseas remains strong. It seems that the management is laser-focused on this expansion and is doing everything correctly, which should reward shareholders in the future.”

Downgrades

• Sarepta Therapeutics, Inc. (SRPT): Downgrade Buy to Hold by Stephen Ayers. The analyst cites platform-level safety concerns, management credibility issues, and ongoing regulatory scrutiny after multiple patient deaths.

  “Sarepta has transformed from a DMD powerhouse to an early-stage RNA company with a legacy PMO franchise and a shaky gene therapy product. The company must manage the commercial and reputational fallout from the ELEVIDYS safety crises while simultaneously implementing the strategic restructuring and renewed focus on siRNA… management ‘missteps’ make SRPT uninvestable for the time being, meriting a rating downgrade to ‘Hold.’”

• Alphabet Inc. (GOOGL): Downgrade Buy to Hold by Shubhm Mitessh Thakkar. Despite strong performance in segments like Google Cloud and YouTube, the analyst cites the stock approaching fair value as the reason for the downgrade.

  “The reader may wonder, with so many bullish catalysts, why I am downgrading the stock from a ‘Buy’ in my previous article to a ‘Hold.’ The reason is the numbers… Upon receiving the estimated enterprise value, I subtracted the net debt, which was negative, as cash and marketable securities exceeded the short-term and long-term debt. The equity value estimate was $2.66 trillion, which, when divided by the number of shares, gave an estimated intrinsic value per share of $218.17, presenting an upside of nearly 7-8% from current levels.”