Macquarie analyst Eugene Hsiao downgraded Li Auto to Neutral from Outperform with a price target of $33, up from $25. The firm sees limited near-term catalysts. Following the strong recent share performance, Li’s valuation is now full and the stock lacks a clear catalyst with no new models in the second half of 2024, the analyst tells investors in a research note. Macquarie awaits further details of the new SUV launches in 2025.