JPMorgan cuts its $NIO price target to $3.70 from $4.50 and keeps Neutral. That is now the lowest target on Wall Street.
It's the second cut in under two months, after the September downgrade from Overweight. CLSA landed at the same level on Friday (HK$29), while Goldman Sachs still rates NIO a Buy with a $7 target.
Shares closed at $3.29 on Friday.