Shares of Chinese electric-vehicle maker NIO (NYSE: NIO) opened lower on Friday, after a Goldman Sachs analyst urged caution and downgraded the stock in a new note.
As of 10 a.m. EDT, NIO's American depositary shares were down about 9.5% from Thursday's closing price.
In a new note released early on Friday, Goldman Sachs analyst Fei Fang cut his rating on NIO's shares to sell, from neutral, while maintaining his previous price target of $7.
Source Fool.com