NIO Inc. (NIO) Mentioned Positive at Morgan Stanley, Reiterates Overweight, PT $64

June 1, 2021 6:47 AM EDT
Get Alerts NIO Hot Sheet
Price: $43.99 -4.51%

Rating Summary:
    14 Buy, 6 Hold, 1 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 18 | Down: 12 | New: 23
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Morgan Stanley analyst Tim Hsiao reiterated an Overweight rating and $64.00 price target on NIO (NYSE: NIO).

The analyst comments "NIO reported May-21 sales volume of 6,711 units, -5.5% MoM, which consists of: 1) 1,412units if ES8 (-7.3% MoM);2)3,017 units of ES6 (-4.6% MoM);and 3)2,282 units of EC6 (-5.5% MoM). According to our checks, May-21 vehicle delivery was adversely affected for a couple days by more volatile chip supply and certain logistical adjustments, to which we also gauge some lagged effect from the production suspension in late-March/early-April. NIO reiterated its 2Q21 target of 21k-22k units (7.2k-8.2k units for Jun-21),aiming to largely make up the May delivery shortfall in Jun-21 per the current production/delivery plan. We think supply dynamics will stay fluid but have been improving; this, together with sales channel expansion and growing order backlog, bodes well for volume take-off in 2H21."

For an analyst ratings summary and ratings history on NIO click here. For more ratings news on NIO click here.

Shares of NIO closed at $38.62 yesterday.

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