JPMorgan trims Nio target after ‘mixed bag’ Q3 report

JPMorgan lowered the firm’s price target on Nio (NIO) to $7 from $8 and keeps an Overweight rating on the shares. The company’s Q3 results were a “mixed bag,” as vehicle margin was ahead of consensus, but higher expenses for new products and channel expansion and a non-operating loss weighed on earnings, the analyst tells investors in a research note. The firm says Nio’s tone on the earnings call was upbeat, guiding to over 100% volume growth in 2025 on the back of new models, while margin or profitability should follow, given scale effects and a tactical reduction of incentives.