Citi analysts have raised their target price for Xiaomi due to increased confidence in the company’s electric vehicle (EV) ambitions and expectations for a manageable decline in its smartphone segment. Xiaomi’s target price has been increased to HK$21.90 from HK$19.60, representing a potential upside of 35%. The brokerage has also raised its earnings forecasts for Xiaomi, citing a better-than-expected outlook for its EV business.