UBS analyst Paul Gong upgraded Nio to Buy from Neutral with a price target of $32, down from $42.

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The stock is down 44% in the past 12 months, Gong tells investors in a research note. While Nio's (NIO) sales volume growth has slowed with "aging products," three new model launches in 2022, based on its NT2.0 platform, could drive sales acceleration, Gong tells investors in a research note. The UBS Evidence Lab electric vehicle consumer survey shows Nio's brand recognition is improving, which provides a basis for strong sales from new products, writes the analyst.