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Citi Keeps Buy Rating on NIO (NIO), PT $23.30, Issues Comments on Citi Business Update Call Today
March 2, 2023 1:10 PM ESTCiti analyst Jeff Chung reiterated a Buy rating and $23.30 price target on NIO (NYSE: NIO).
The analyst comments "We hosted NIO for a business update call on Mar 2nd, with the key takeaways summarized as below. 4Q22 Provision Due to lower sales forecast of old 866 models, inventory provision and losses on purchase commitments was Rmb985mn in 4Q22. Breaking it down, mgmt. indicate less than Rmb200m was related to provision of Nios parts inventory and c.Rmb800m was related to provision of suppliers inventory and losses on purchase commitments. Mgmt. indicate they conservatively... More
