Goldman Sachs Upgrades NIO (NIO) to Neutral

(Updated - December 1, 2020 5:13 AM EST)

(updating comment)

Goldman Sachs analyst Fei Fang upgraded NIO (NYSE: NIO) from Sell to Neutral with a price target of $59.00 (from $7.70).

The analyst comments "Our July 17 downgrade to Sell was predicated on valuation as we believed the share price at the time reflected over-optimism given no substantial changes to volume/profit expectations. In hindsight, we underestimated the benefits to Nio from: (1) powertrain breakthroughs, particularly with the cell-to-pack/blade large cell technologies; (2) the introduction of Nio’s battery as a service (BaaS) program, which has significantly expanded Nio’s addressable market; and (3) regulatory incentives that turned around EV market demand from an ongoing decline. Combined, all of these factors have provided significant tailwinds to Nio’s sale volumes."

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 $50.53 yesterday.

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