Why NIO Stock Is Dropping Today
Shares of Chinese electric-vehicle maker NIO (NYSE: NIO) opened lower on Wednesday, after a Wall Street analyst cut his firm's rating on the company's stock.
As of 10:15 a.m. EDT, NIO's American depositary shares were down about 6.3% from Tuesday's closing price.
In a new note on Wednesday morning, Goldman Sachs analyst Fei Fang cut his rating on NIO's American depositary shares to neutral from buy, while raising his price target to $7.00 from $6.40.
Source Fool.com