Wall Street Analyst Thinks Nio Stock Will Hit $3.90. Is this a sale? | 29.11.24

The global electric vehicle (EV) market is becoming crowded, and Chinese EV manufacturers are one of the main reasons why. Although it’s not yet profitable, Nio (NYSE: NIO) is among those China-based companies that are ramping up production and exporting more and more of their high-tech electric vehicles to Europe and elsewhere. Nio delivered a record 61,855 units in the third quarter and estimates there will be up to 75,000 electric vehicle deliveries in the fourth quarter. But the stock is down more than 50% in 2024, and one Wall Street analyst thinks investors should stay away. Goldman Sachs analyst Tina Hou recommends investors sell the stock, and she sees it falling to $3.90. This price target was reduced from $4.80 and would represent a 16.5% decline from Monday’s closing price.Continue readingMore articles on MotleyFool More articles on MotleyFool