JPMorgan tactically upgrades Nio to Overweight, adds ‘positive catalyst watch’

As previously reported, JPMorgan upgraded Nio (NIO) to Overweight from Neutral with a price target of $8, up from $4.80, and placed the stock on “positive catalyst watch” in anticipation that three events towards year-end will “further lead the stock north.” Namely, the firm cites Q2 results due on September 2; the formal price announcement of the newly launched large premium SUV, the ES8, along with the annual Nio Day on September 20; and the Guangzhou Auto Show that starts on November 21, where it believes the company may showcase its upcoming new 5-seater BEV SUV, the Onvo L80. The firm projects the company will deliver 50% and 47% volume growth in 2025 and 2026, respectively.