Citi says Nio shares oversold after offering, keeps $87 target

Citi analyst Jeff Chung attributes the weakness in Nio last week to the at-the-market offering of 53.3M American depository shares. However, into year-end and 2022 he still sees “multiple positive catalysts” for Nio. These include Nio day to be held by mid-December after November sales numbers are published and the pricing of the new model ET5, Chung tells investors in a research note. Nio has a strong product cycle into 2022, with three new products and three face-lifts to be launched, says the analyst, who believes the company will further gain market share. Chung keeps a Buy rating on the shares with an $87 price target.

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