NIO Price Prediction: Nio Inc drops after Deutsche Bank downgrade ahead of earnings report
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UNLOCK OFFER- NYSE:NIO fell by 3.31% on Tuesday amidst an unsettled day for the broader markets.
- Deutsche Bank downgrades NIO’s price target from $70 to $60 ahead of its earnings call on Thursday.
- Ark Invest is the latest investment firm to have NIO on its radar.
NYSE:NIO has been in recovery mode lately as the Chinese electric vehicle maker was hit hard by the NASDAQ correction in March. After the stock climbed all the way back to above $43 on Monday, shares fell on Tuesday partly as a sympathy play to Tesla (NASDAQ:TSLA) which experienced a near 5% sell off after its earnings call on Monday. NIO dropped by 3.31% to close the trading session back down at $41.21. Shares are still down 22% year to date in 2021, and nearly 40% from the all-time highs of $66.99 that it hit in late January.
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NIO shareholders received some troubling news ahead of Thursday’s earnings call when Deutsche Bank analyst and long-time NIO bull downgraded the stock. Yu cites the semiconductor shortage as an artificial ceiling for NIO and other car manufacturers, and that the rest of this year will be a levelling off period for the electric vehicle sector. Yu did mention that NIO should be ramping up in 2022 with the release of its ET7 luxury sedan as well as its autonomous driving subscription service. The price target was lowered from $70 to $60, which still represents a near 45% upside from Tuesday’s closing price.
NIO Stock forecast
Add Cathie Wood of Ark Invest to the long list of investors that have NIO on her radar. In a recent interview Wood stated that Ark was very interested in how China was focussing on the electric vehicle sector, and that they were closely monitoring how NIO and domestic rival XPeng (NYSE:XPEV) perform. Wood believes that the Chinese government is going to push one of these two brands to become the predominant EV maker in the country.
- NYSE:NIO fell by 3.31% on Tuesday amidst an unsettled day for the broader markets.
- Deutsche Bank downgrades NIO’s price target from $70 to $60 ahead of its earnings call on Thursday.
- Ark Invest is the latest investment firm to have NIO on its radar.
NYSE:NIO has been in recovery mode lately as the Chinese electric vehicle maker was hit hard by the NASDAQ correction in March. After the stock climbed all the way back to above $43 on Monday, shares fell on Tuesday partly as a sympathy play to Tesla (NASDAQ:TSLA) which experienced a near 5% sell off after its earnings call on Monday. NIO dropped by 3.31% to close the trading session back down at $41.21. Shares are still down 22% year to date in 2021, and nearly 40% from the all-time highs of $66.99 that it hit in late January.
Stay up to speed with hot stocks' news!
NIO shareholders received some troubling news ahead of Thursday’s earnings call when Deutsche Bank analyst and long-time NIO bull downgraded the stock. Yu cites the semiconductor shortage as an artificial ceiling for NIO and other car manufacturers, and that the rest of this year will be a levelling off period for the electric vehicle sector. Yu did mention that NIO should be ramping up in 2022 with the release of its ET7 luxury sedan as well as its autonomous driving subscription service. The price target was lowered from $70 to $60, which still represents a near 45% upside from Tuesday’s closing price.
NIO Stock forecast
Add Cathie Wood of Ark Invest to the long list of investors that have NIO on her radar. In a recent interview Wood stated that Ark was very interested in how China was focussing on the electric vehicle sector, and that they were closely monitoring how NIO and domestic rival XPeng (NYSE:XPEV) perform. Wood believes that the Chinese government is going to push one of these two brands to become the predominant EV maker in the country.
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