BofA Securities analyst Ming Hsun Lee lowered the price target on NIO (NYSE: NIO) to $4.30 (from $4.90) while maintaining a Neutral rating.

The analyst comments "NIO announced 1Q25 results and hosted a conference call on 3 June. Total revenue came in at RMB12bn, up 22% YoY/down 39% QoQ and largely in line with our expectation. The YoY growth was driven by 40% YoY vehicle sales volume growth but lower ASP (down 15% YoY) upon product mix change and destocking of old version models. Overall GPM was up 2.7ppt YoY/down 4.1ppt QoQ to 7.6%, worse than our expectation of 8.1%. Opex to sales ratio came in at 61.0%, up 1.6ppt YoY/up 18.6ppt QoQ. Operation loss was RMB6.4bn, higher than our forecast. Non-GAAP net loss was RMB6.3bn in 1Q25, up 28% YoY/down 4% QoQ, missing our estimate of RMB5.6bn."