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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
J.P. Morgan Sidelines Nio (NIO) on 4Q miss
March 2, 2023 9:38 AM ESTJ.P. Morgan downgraded Nio Inc. (NYSE: NIO) to a Neutral rating (From: Overweight) and cut the price target on the stock to $10.00 (From: $14.00) following the electric vehicle makers 4Q earnings release.
Analyst Nick Lai wrote in a note, NIOs 4Q22 result on 1 March was a miss on unexpected vehicle margin contraction (to 6.8% in 4Q22 vs 16.4% in 3Q22), which together with higher than expected opex dragged the bottom... More
Barclays cuts Nio (NIO) to equal weight as losses mount
March 2, 2023 9:22 AM ESTBarclays downgraded Nio Inc. (NYSE: NIO) to an Equal Weight rating (From: Overweight) and cut the price target on the stock to $10.00 (From: $18.00) following the electric vehicle makers 4Q earning report.
NIO reported total 4Q revenue of RMB 16.1bn. Up 62.2% yoy, but 10.2% lower than Barclays estimate. Vehicle sales revenue was RMB 14.8bn, 12.1% lower than estimated, due to lower-than-expected vehicle deliveries during the quarter. NIO delivered 40,052 units in 4Q22, only slightly above the lowered management deliveries guidance... More
