Why Li Auto Stock Fell Today

Shares of Li Auto (LI -12.23%) are down 12.3% as of 3:45 p.m. ET Monday after a noted Wall Street analyst firm downgraded the Chinese electric vehicle (EV) maker.Why Bank of America downgraded Li Auto todayIn a note to clients earlier today, Bank of America securities lowered its per-share price on Li Auto to $55 from $60. Bank of America simultaneously reiterated its buy rating on the stock.To justify its relative bearishness, Bank of America says it has lowered its volume sales estimates for Li Auto by 6% ...