Macquarie Upgrades Nio’s Rating and Price Target

Macquarie analyst Eugene Hsiao upgraded Nio from Neutral to Outperform with a price target of $4.87 (from $5.55).

“Priced at Rmb265.8k, the L90 is poised to be NIO’s most competitive offering: a six-seat large SUV near the price of the five-seat Tesla Model Y.

L90 appears to be a better value for money vs Li Auto’s recent i8 at a 17% lower entry price, but offering many similar features.

We lift our FY25E/26E volume estimates to 347k/500k and raise our TPs by >40% to HK$44.00/US$5.50.”

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