Nio price target lowered to $3 from $4 at Barclays

Barclays lowered the firm’s price target on Nio (NIO) to $3 from $4 and keeps an Underweight rating on the shares. The company’s Q1 revenue came in 5% below estimates and missed guidance, mainly due to lower selling prices with higher promotions for inventory clearance for old Nio models and an increased product mix of the ONVO brand, the analyst tells investors in a research note. The firm believes achieving volume scale is fundamental to Nio improving margins and that the 50,000 monthly units target by year-end appears challenging, especially amid intensifying competition in China.