Why Nio Stock Sputtered Again Today
Chinese electric-vehicle (EV) maker Nio's (NYSE: NIO) stock price declined again on Wednesday, sliding to end the day down nearly 3%. The shares continue to suffer from the company's latest guidance cut, which came at a generally bearish time for the EV sector.
Even a fairly positive new research note from an analyst couldn't keep the bears away from Nio. Before market open on Wednesday, Morgan Stanley prognosticator Tim Hsaio reiterated his overweight (read: buy) recommendation on the stock, with a price target of $16.10 per share. That's 64% higher than its present level.
In his new take, Hsaio shrugged off concerns about the guidance cut. He wrote that it "might dampen NIO's stock performance, but shouldn't trigger sharp sell-off, in our view, as the fallout from China's reopening should be sectorwide and likely transitional."
Source Fool.com
