NIO (NIO) PT Lowered to $5.90 at BofA Securities

BofA Securities analyst Ming Hsun Lee lowered the price target on NIO (NYSE: NIO) to $5.90 (from $6.50) while maintaining a Neutral rating.

The analyst comments "We see stronger-than-expected sales for NIO in 2Q24, given 1) the company witnessed decent orders in April-May 2024 as it launched the 2024-version EV models; and 2) up to 33% monthly leasing price cut for its BaaS since late-March boosted sales. As such, we lift 2024 sales volume by 6% to 193k units. On the other hand, we now anticipate OPEX in 2024 to be higher than our previous expectation (OPEX-to-revenue ratio 41.6% vs 34.8% previously), as we see higher sales and marketing expenses in 2H24 for its new brand Onvo and resilient R&D expenses at RMB13.7bn."

You May Also Be Interested In

• Viking Holdings (VIK) PT Raised to $82 at Mizuho
• DA Davidson Starts Everus (ECG) at Buy
• Advance Auto Parts (AAP) PT Lowered to $48 at DA Davidson Following 25% Selloff Post Q2 Results