Citi Lifts BYD's Price Target on Robust Export Prospects
Shares of Chinese electric vehicle maker BYD & Co. (BYDDF) (HK:1211) hit a new 52-week high on the Hong Kong Stock Exchange during mid-day trading today, before ending the day up 4.1%. Citi analyst Jeff Chung lifted the price target on BYD's Hong Kong shares to HK$727 (57.2% upside) from HK$688, while maintaining a Buy rating. The analyst believes BYD is best positioned for growth from robust exports, backed by several catalysts.
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Here's Why Citi Is Bullish About BYD's Exports
Chung cited the trend in China's passenger car exports in April 2025, which displayed that consumers largely preferred BYD automobiles over those of its peers. He also mentioned that in the first four months of 2025, BYD's export market share shot up to 38% from 23% compared to the same period last year. Additionally, BYD's plug-in hybrid EVs are seeing strong export demand, which the market has yet to fully account for in the consensus estimates.
Notably, BYD plans to sell at least 50% of its autos outside China by 2030. Chung believes the company is on track to achieve this goal, backed by strong export demand. He added that BYD is making significant inroads into large international markets, including India, Southeast Asia, and parts of Europe. BYD is setting up manufacturing plants in Hungary and Turkey, further cementing its position in the European market.
Interestingly, BYD is already outpacing its largest EV competitor, Tesla (TSLA), both in the domestic Chinese market and globally. Plus, the company faces little risk from U.S. tariffs, since it is still not allowed to export to the American market. Moreover, Chung believes BYD stands to benefit from any future competitive price cuts, given its massive economies of scale and geographical sales mix. The analyst views all these factors as major drivers for BYD's export growth.
Is BYD Stock a Buy?
Analysts remain highly bullish about BYD's long-term stock trajectory. Based on 12 unanimous Buy ratings, BYD stock commands a Strong Buy consensus rating on TipRanks. Also, the average BYD price target of $65.77 implies 14.9% upside potential from current levels. Year-to-date, BYD stock has gained 68.4%.
See more BYD analyst ratings
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