NIO

NIO Inc.

24.08
USD
4.47%
24.08
USD
4.47%
11.67 55.13
52 weeks
52 weeks

Mkt Cap 32.79B

Shares Out 1.36B

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Nio attracts buy rating from BofA on expectation for second half turnaround

Bank of America upgraded Nio (NYSE:NIO) to a Buy rating on the expectation that a higher sales level will lead to better margins in the second half of 2022 and with negative factors seen already priced in. Analyst Ming Hsun Lee said key catalysts for Nio (NIO) include a strong model cycle and order backlog, the ability for the electric vehicle maker to pass on costs through price hikes, a normalization in the supply chain and less ADR concerns with new exchange listings. The firm called valuation on Nio (NIO) attractive at 1.7X the one-year forward EV/sales estimate. Factoring in the latest model schedule and production recovery pace, BofA lifts its 2022 sales volume estimate by 3% and 2023 sales volume estimate by 8%. A price objective of $26 on Nio (NIO) is set vs. the 52-week trading range of $11.67 to $55.13.

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