Macquarie downgraded Nio (NIO) to Neutral from Outperform with a price target of $4.80, down from $6.60, after weaker demand for the core Nio brand and a slower Onvo production ramp led to an 18% miss for the Q4 revenue guidance midpoint compared to consensus. The firm, which says it is concerned about comments that 50%-60% of Onvo orders were affected by the expiration of local purchase subsidies by end-2024, lowered its FY24 and FY25 sales estimates by 5% each.
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