Why Nio Stock Was Stuck in the Slow Lane Today
Chinese electric vehicle (EV) maker Nio's (NYSE: NIO) started out with a stall. The company's American Depositary Shares (ADSes) dipped in price Monday following an analyst's pre-earnings price target cut.
Before market open, Deutsche Bank's Edison Yu made a double-digit reduction to his Nio target; it now stands at $39 per share, from the previous $45. The move is based on lower estimates for the EV company's sales. This follows the latest quarterly results from Xpeng published last week, which revealed that Nio's Chinese peer is expecting a notable drop in vehicle deliveries in its third quarter.
Nio's second-quarter earnings release is slated for publication next Wednesday, Sept. 7.
Source Fool.com
