Barclays analyst Jiong Shao has downgraded Li Auto (LI) stock from “overweight” to “equal weight” and cut the price target from $39 to $25 per share. The downgrade stems from concerns about the ongoing challenges facing the electric vehicle (EV) company, including increased competition and declining prices. Despite the recent price drops announced by Li Auto, the stock has been trending downwards, with a 2% decline as of Thursday morning.