Nio price target lowered to $8.50 from $10.40 at Citi

Citi analyst Jeff Chung lowered the firm’s price target on Nio to $8.50 from $10.40 and keeps a Buy rating on the shares after Q2 volume guidance came in at 54-56,000 units. To factor in year-to-date strong sales momentum and upcoming new model launches of two more brands, ONVO and Firefly, the firm raised its 2024-25 sales forecasts to 227,000 and 308,000 units, respectively, but cut its 2024-25 gross profit margin forecasts, the analyst noted.