Macquarie Upgrades NIO to Outperform with $6.10 Price Target

Macquarie analyst Eugene Hsiao upgraded NIO (NYSE: NIO) from Neutral to Outperform with a price target of $6.10.

“4Q25 sales reached the high-end of 125k guidance as strong ES8 and Firefly demand drove 44% QoQ volume growth. • Rising use of BaaS (>80%) could better insulate the company from industry headwinds as potential higher battery costs are held off balance sheet. • Upgrade to Outperform, from Neutral; raise HK/US TPs by 15% as we lift our FY26E volume forecast by 7% to 451k on stronger ES8 demand.”

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