JP Morgan Downgrades Nio to ‘Neutral’

JP Morgan analyst Nick Lai downgraded on February 4, 2025, Nio’s rating from ‘Overweight’ to ‘Neutral’ with a price target of $4.70 (from $7.00).

“In 2025, one of our theses is earnings delivery will again play an integral role in the stock’s performance – we revise down our FY25-26 revenue and earnings estimates by 7-10%/13% and our new estimates are similar to street forecasts.

Our full year volume estimate is 334k units this year, up 50% from 2024.

Our volume assumption is shy of mgmt’s 2025 target of doubling sales from 2024 to about 440k units.

We will monitor closely Nio’s monthly sales run rate as well as order flow.

We rate the stock Neutral.”

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