Nio price target lowered to $5.50 from $7.50 at Bernstein

Bernstein lowered the firm’s price target on Nio to $5.50 from $7.50 and keeps a Market Perform rating on the shares. The company reported Q4 earnings that saw margin deterioration and widening losses, the analyst tells investors in a research note. The firm thinks the setup for Nio remains challenging for 2024. It says the company’s electric vehicle market share has come down from 5% in early 2021 to 2% in recent months despite having grown its portfolio from three to eight models. Bernstein struggles to see a turnaround.