BofA analyst Ming Hsun Lee lowered the firm’s price target on Nio to $5.90 from $6.50 and keeps a Neutral rating on the shares. The firm adjusted its 2024, 2025 and 2026 sales volume estimates by positive 6%, negative 11 and negative 12%, respectively, and lowered its gross profit margin estimates to reflect the recent industry-wise sales promotion efforts while also lifting its 2024 non-GAAP net loss estimate by 23% to factor in a higher operating expense assumption.
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