Goldman Sachs Raises Nio’s Price Target to $7.00
Goldman Sachs analyst Tina Hou raised on October 30, 2025, the price target on Nio to $7.00 (from $4.30), while maintaining a ‘Neutral’ rating on the stock.
“We raise our 2026E-2030E sales volume estimates for Nio by 6%-11%, as we see improved model competitiveness from Nio’s recent new launches (i.e.
L90 and ES8) has led to continuously improving sales over the past quarter.
The company has stepped up new model pipeline into 2026, with two new launches (i.e. L80 and ES9) as well as another facelift (i.e.
ES7), which we expect to contribute further to the current positive sales momentum given similar level of competitiveness/improvement as exhibited by L90/ES8.
As a result of higher volume and scale economics, our gross margins are 2%-3% higher vs. before, resulting in an increase in 2026E-2030E non-GAAP EPS from Rmb-5.14-Rmb2.28 to Rmb-2.05-Rmb3.32.
Our accumulated free cash flow during 2026E-2030E is also meaningfully stronger to Rmb22bn from Rmb11bn before. We now expect the company to reach full year non-GAAP EBIT break-even in 2028E (vs. previously in 2029E).
We roll forward valuation by one year and our 12-month DCF-based target prices rise to US$7.0/HK$55.0 (vs. previously US$4.3/HK$33.3) for the ADR/H-share, implying -2%/+1% upside.
We maintain Neutral rating with limited upside.”
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