Mizuho Upgrades Nio to ‘Outperform’ After Q2 Earnings Results

Mizuho analyst Vijay Rakesh raised on September 3, 2025, the price target on Nio to $6.00 (from $3.50) while raising the rating to ‘Outperform’ from ‘Neutral.’

“NIO reported a modestly softer JunQ rev/EPS of RMB 19.0B/RMB (1.85) (cons. RMB 20.0B/RMB (2.20)) and guided SepQ softer to RMB 22.3B (cons. RMB 24.1B) and deliveries to 89k units (cons. of 91.1k).

Key highlights

1. NIO SepQ deliveries guide implies up 47% q/q with new Lower ASP Firefly/Onvo L90 ramps,
2. N-T better EV demand (ES8) with lower ASP models helping, but expectation for 4Q25E exiting at ~50k deliveries/month, potentially targeting 120-150k+ deliveries remain challenging given with Sep at ~37k/month
3. NIO fairly valued at 0.8x C26E P/S vs peers given N-T revenue/deliveries tailwinds.

Raising to Outperform, adjust estimates/raising PT to $6 from $3.50.

We see NIO fairly valued at 0.8x C26E P/S, ~in-line with peers ~0.9x given better EV deliveries but margin headwinds as models ramp.”

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