Why This Analyst Thinks Nio Stock Is Going To Recover

Nio Inc NIO shares are likely to bounce from the recent fall, TipRanks.com reported on Sunday, citing Mizuho Securities analyst Vijay Rakesh.

What Happened: Mizuho analyst has maintained a "buy" rating on Nio and kept the price target of $60 on the stock. 

Nio shares closed 1.4% lower at $16.4 on Friday and are down 51% year-to-date.

See Also: Why Alibaba, Nio, Most Chinese Peers Are Falling In Hong Kong Today

Why It Matters: Nio shares have been under pressure off-late as the U.S. listed stock faces delisting risk as Beijing refused to allow auditing access.

The stock also has a secondary listing on Hong Kong and Singapore exchanges.

Shanghai-based Nio is set to report first-quarter earnings on June 9, before the market opens. 

The EV maker has guided first-quarter revenue to come in between $1.51 billion and $1.57 billion. 

Nio delivered 25,768 vehicles in the three months ended March, a jump of 28.5% year-over-year.

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