NIO price target raised to $54 from $44.70 at HSBC
HSBC analyst Yuqian Ding raised the firm's price target on NIO to $54 from $44.70 and keeps a Hold rating on the shares. Ding notes that electric vehicle sales in China grew 8% last year, versus her forecast for the market to shrink, adding that "clearly EV adoption is happening faster than we thought." The analyst, who has raised her EV demand forecasts by 19% for this year and next, also raised her earnings forecast for NIO to account for its "strong volumes." However, despite what she sees as NIO's "strong brand and product traction," she sees better quality models and aggressive pricing from competitors, Ding tells investors.