These Analysts Slash Their Forecasts On NIO After Q1 Results

NIO Inc NIO posted a loss for its first quarter on Friday.

NIO reported first-quarter FY23 sales growth of 7.7% year-on-year to RMB10.7 billion ($1.56 billion), missing the consensus of $1.63 billion. Adjusted loss of 36 cents per share beat the consensus loss of 41 cents per share.

The company expects second-quarter revenue of RMB8.74 billion ($1.27 billion) and RMB9.37 billion ($1.36 billion), down by 15.1% - 9.0% Y/Y.

Nio said it would cut prices on all its new models starting Monday. The announcement comes days after the company reported quarterly results below estimates.

NIO shares fell 0.8% to close at $7.73 on Friday, but added 3.2% in today’s pre-market trading session.

These analysts made changes to their price targets on NIO following earnings announcement.

• B of A Securities cut the price target on NIO from $12 to $11. B of A Securities analyst Ming Hsun Lee maintained a Buy rating.
• JP Morgan slashed the price target on NIO from $10 to $8.5. JP Morgan analyst Nick Lai maintained a Neutral rating.
• Citigroup lowered NIO price target from $13.4 to $11.5. Citigroup analyst Jeff Chung maintained a Buy rating.

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