JPMorgan boosts NIO target to $50 after ‘solid’ sales outlook

JPMorgan analyst Nick Lai raised the firm’s price target on NIO Inc. to $50 from $46 and keeps an Overweight rating on the shares following the company’s Q3 results. The stock in morning trading is down 5% to $44.14. NIO reported an 11% beat with “solid” Q4 sales guidance, Lai tells investors in a research note. On the earnings call, management highlighted initiatives across business functions, including autonomous driving, financing planning and new models, adds the analyst. Lai remains positive on NIO’s long-term prospects.