NIO Inc NEVER Shares are trading lower on Thursday after Mizuho slightly lowered its price target on the stock in the company’s wake the last delivery numbers.
Mizuho Analyst Vijay Rakesh kept Nio with a buy rating and lowered the price target to $40 from $42, citing supply disruptions.
Rakesh highlighted Nio’s total shipments of 31,607 in the second quarter, which was below estimates of around 33,100. He did, however, commend the company for posting a 29% year-over-year increase despite ongoing production difficulties due to supply chain bottlenecks and production line upgrades.
The Mizuho analyst also noted that Nio’s new ET5 sedan is priced more competitively and could be a “viable contender.” Tesla Inc TSLA Model 3. Still, Rakesh lowered estimates after the worse-than-expected shipment numbers.
“For NIO, we now see F22E/F23E shipments at 136,000/241,000 units (previously 137,000/243,000),” the Mizuho analyst wrote in a note to clients.
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NOK price action: Nio has a 52-week high of $33.80 and a 52-week low of $11.67.
The stock is down 7.61% at press time to $14.82 Gasoline Pro.
Photo: courtesy of Nio.
