UPDATE: UBS Upgrades NIO (NIO) to Buy
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UBS analyst Paul Gong upgraded NIO (NYSE: NIO) from Neutral to Buy with a price target of $32.00 (from $46.00).
The analyst comments "We upgrade NIO to Buy after its share price is down 44% in the past 12 months. While its sales volume growth has slowed with aging products, we believe its three new model launches slated for 2022, based on its second-generation NT2.0 platform, could drive sales acceleration. UBS Evidence Lab's EV consumer survey (>Access Dataset) reveals NIO's improving brand recognition, providing a basis for new products' strong sales volumes, in our view."
Shares of NIO closed at $21.93 yesterday.
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