Citi Upgrades NIO (NIO) to Buy
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(Updated - June 1, 2021 5:07 AM EDT)
Citi analyst Jeff Chung upgraded NIO (NYSE: NIO) from Neutral to Buy with a price target of $58.30 (from $57.60).
The analyst comments "We sense a strong demand recovery from late Apr-21 in China NEV after SH auto shows, and expect NIO’s monthly new order volumes in May-Jun to be 20-30% higher than the average monthly level in 4Q20 peak season. After the recent stock price correction from the peak in 4Q20, we believe this is a good re-entry point for the long-term investors, given the ongoing re-rating catalysts. For context, see our downgrade note. We raise our 2021E/22E/23E sales volume to 90k/ 155k/ 225k – following China white goods and smartphone evolutionary trend. We expect NIO to further gain market share from other JV brands with slower than expected ramp-up pace in China."
Shares of NIO closed at $38.62 yesterday.
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