- Shares of Nio Inc (NYSE: NIO) have received a price target increase from $23 to $54.70 by Bank of America. These are the details.
Shares of Nio Inc (NYSE: NIO) have received a price target increase from $23 to $54.70 by Bank of America. And Bank of America is maintaining an “overweight” rating on Nio shares.
Several brokerages increased their price targets for Nio following a stronger-than-expected third quarter. JPMorgan analyst Nick Lai increased the price target to $50 from $46 and maintained an “overweight” rating. Plus Citigroup analyst Jeff Chung assigned Nio a “buy” rating and a $46.40 price target.
Deutsche Bank analyst Edison Yu increased his price target to $50 from $34 and kept a “buy” rating on the shares. “The fourth-quarter deliveries/sales outlook was materially ahead of our/consensus estimates and supply constraints appear to be less of an issue than we had expected,” wrote Yu in a research report.
For the third quarter, Nio reported an adjusted loss of 12 cents per share on revenue of $667 million — up 146.4% year-over-year. And the company sold a record 12,206 upscale EVs in the third quarter.
Nio had lost less money than expected for the third quarter as the cost improvements helped boost its margins. The net loss for the quarter was $154.2 million ($0.14 per American depositary share). The company had benefited from better cost controls and greater economies of scale.
For the next quarter, Nio said it expects to deliver 16,500 to 17,000 vehicles in the quarter — which would generate revenue at somewhere between $922 million and $948 million. And deliveries may hit 100,000 vehicles next year as Nio is planning to raise monthly production to 7,500 units by January 2021 from 5,000 this September.