JPMorgan upgraded Nio to Neutral from Underweight with a price target of $5.40, up from $4.80. The firm’s prior downgrade was due to its reservations that the company’s slow sales momentum could weigh on profitability, leading to consensus earnings and revenue downgrades, the analyst tells investors in a research note. The stock has rebounded from its mid-April decline however thanks to the Chinese government stimulus policy to boost auto demand and Nio’s s latest battery as a service strategy, the firm added.
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