🔴 LI is trading 4.7% down today, extending slide on muted reception to new L9 model

LI is trading 4.7% down at $15.43 in pre-market, extending a sharp multi-day slide that began after the launch of its updated L9 model on May 15.

• The new flagship SUV, intended to revive sales momentum, has received a muted market response, with some analysts labeling it as not a 'game changer'.
• The stock has plunged from over $20 on May 13, as investor sentiment soured on worries about near-term profitability and the new model's competitiveness.
• Reflecting these headwinds, Morgan Stanley recently cut its price target on the stock to $22 from $26, though it maintained an Overweight rating.