- NYSE:NIO fell by 0.55% during Monday’s trading session.
- Deutsche Bank lowered its price target for Nio’s stock.
- BYD tripled its net income in the second quarter and outsold Tesla.
NYSE:NIO started the week off on the back foot as a key analyst lowered their price target ahead of Nio’s August delivery numbers. On Monday, shares of Nio dropped lower by 0.55% and closed the trading session at a price of $19.81, as the stock lost the $20.00 price level. Stocks pulled back and slipped lower yet again as Fed Chairman Powell’s speech continued to weigh on investors. Overall the Dow Jones lost 184 basis points, the S&P 500 fell by 0.67%, and the NASDAQ dropped by 1.02% during the session.
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Aside from downward selling pressure from the ongoing post-Jackson Hole sell off, Nio was also slapped with a price downgrade on Monday. Deutsche Bank maintained its Buy rating for the stock but lowered its price target from $45.00 to $39.00 ahead of its August delivery report. The firm is estimating that Nio is still going to see soft delivery numbers through September, at which point it will likely return to previous growth rates. It should also be noted that Deutsche Bank reiterated that Nio is still its pick as the Top China EV Pick from the company.
NIO stock forecast
Nio-rival and Warren Buffett-backed BYD reported its earnings on Monday and the Chinese EV leader did not disappoint. The company tripled its net income for the second quarter and outsold Tesla (NASDAQ:TSLA) in terms of total vehicles. Overall, BYD delivered 355,021 new energy vehicles in the quarter, good for a 256% year over year growth.
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