NIO Inc. Upgraded To Neutral From Sell At Goldman Sachs

Nio 2020 Logo.svg

Goldman Sachs analyst Fei Fang upgraded NIO Inc. (NIO) to Neutral from Sell with a price target of $59, up from $7.70.

The stock closed Monday down $3.47 to $50.53.

The analyst admits to underestimating the benefits to NIO from powertrain breakthroughs, the introduction of its battery as a service program, and regulatory incentives that turned around electric vehicle market demand from an ongoing decline. Combined, all of these factors have provided "significant tailwinds" to NIO's sale volumes, Fang tells investors in a research note. The analysts expects an increase in electric vehicle penetration from 5% this year to 20% in 2025. Fang upgraded NIO to reflect the long-term growth now expected.


Disclaimer: TheFly's news is intended for informational purposes only and does not claim to be actionable for investment decisions. Read more at  more

How did you like this article? Let us know so we can better customize your reading experience. Users' ratings are only visible to themselves.


Leave a comment to automatically be entered into our contest to win a free Echo Show.