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."

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