A Wall Street Analyst Thinks Nio Stock Is Going to $3.90. Is It a Sell?

The global electric vehicle (EV) market is becoming crowded, and Chinese EV makers are among the big reasons. While not yet profitable, Nio (NYSE: NIO) is one of those China-based companies ramping up production and exporting more and more of its high-tech EVs to Europe and elsewhere.Nio delivered a record 61,855 units in the third quarter and estimates it will have as many as 75,000 EV deliveries in the fourth quarter.But the stock has dropped by over 50% in 2024, and one Wall Street analyst thinks investors should stay away from it. Goldman Sachs analyst Tina Hou recommends investors sell the stock, and she sees it sinking to as low as $3.90. That price target was reduced from $4.80 and would represent a drop of 16.5% from Monday's closing price.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool