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The government is very committed to pushing adoption of zero-emission vehicles in that huge auto market in order to reduce the country’s carbon footprint and improve the air quality in many of the country’s large cities. NIO Inc. (NIO) shares soared more than 15% during Wednesday's session after Goldman Sachs upgraded the stock to a Buy rating with a price target of $6.40 per share. It’s gone from $10, to $6, to $11, to $1, to $15, to $12. Tesla does not use swappable batteries, while NIO does. Goldman Sachs analyst Fei Fang downgraded NIO stock from neutral to sell on July 17.
For those new to trading, this is what Goldman Sachs does. Luke Lango is a Markets Analyst for InvestorPlace. Chinese premium electric vehicle maker NIO (NYSE:NIO) has taken off like a rocket ship in 2020, with NIO stock surging nearly 600% from a low of ~$2.40 in March, to a high of ~$16.40 in July. Of that 26.5+ million, I think about 30% will be electric vehicles, about 8+ million EV deliveries in China in 2030. NIO designs jointly manufacture and sell smart and connected premium electric vehicles, driving innovations in next-generation technologies in connectivity, autonomous driving, and artificial intelligence. The key to understanding Goldman Sachs is not listening to its analysts, but watching what the firm does with its own capital. Microsoft may earn an Affiliate Commission if you purchase something through recommended links in this article. To that end, my advice is simple: be ready to buy the dip… once the stock dips into undervalued territory. I need the equity research reports for 2 public companies, China stocks set for weekly rise on upbeat data, policy support, Japan will not join U.S. plan to bar China from telecoms networks: Yomiuri. If the stock breaks out, traders could see a move toward fresh highs.
It's the first time that a domestic premium car brand has had a waiting list of buyers, joining the likes of Toyota Motor Corporation (TM), Tesla, Inc. (TSLA), and select Lexus models, added Fang in the research note. Realistically, then, China’s premium EV market will represent about 10% of the total EV market. That number will grow over the next decade to 26.5+ million with population growth and urbanization trends. Unfortunately, there are plenty of fools out there and 15% of the float is now short. NIO officially launched the ES6, a 5-seater high-performance premium electric SUV, in December 2018 and began deliveries in June 2019. Copyright © 2020 InvestorPlace Media, LLC. In terms of comparison, Nio Inc sports a valuation of just $12 billion compared to Tesla’s $251 billion market cap. All future premium models (price above 300,000 yuan) developed by NIO that come with swappable batteries are still eligible for the subsidy. China sells 20+ million passenger cars per year. Goldman Sachs GS is scheduled to report earnings before Wednesday’s open. Find out the direct holders, institutional holders and mutual fund holders for Goldman Sachs Group, Inc. (The) (GS).
To top things off, its, Last but not least, there's Tenneco. Down below $13, some of that optimism has been sapped out. Goldman Sachs Called NIO Stock Overvalued. All in just two years. Let the hype cool down. Stocks like CCL (COVID destroyed) like gold? First up, before we get into the investment case for NIO stock, here’s a little background info on the company. Unsubscribe Anytime. When the NIO stock price was above $15.
A daily collection of all things fintech, interesting developments and market updates. Last week, Goldman Sachs reported its second-highest quarterly revenue ever, at $13.3 billion. In that huge EV market, the premium vertical will be large. In mid-July, Goldman Sachs said in a research note that the rally was overdone. The participating banks are China Construction Bank, ICBC, Bank of China, Agricultural Bank of China, Industrial Bank, and China Merchants Bank, according to Bloomberg.
© 2020 Benzinga.com. Don’t listen to Goldman Sachs or another brokerage tell you what to do with your money. As of this writing, he was long NIO. If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com. Brookfield Asset Management reduced stake in GrafTech International Ltd. Intuitive Surgical, Inc.’s (ISRG) CEO Gary Guthart on Q3 2020 Results – Earnings Call Transcript, Asian Stocks Mixed on COVID Fears, New China Law, Nikkei flat as coronavirus resurgence in Europe hits sentiment, Third-Quarter Option Trades Review – Things Were Calmer, Defensive Nature of Asian Stocks Set to Play Out, Says Nipun's Malik, Asian shares perk up on China gains, virus woes linger, Losing Streak Tipped To Continue For Thai Stock Market, Ford’s third-quarter China car sales rise 25% year-on-year to 164,352 units, S&P 500 Futures snap three-day downtrend despite boring Trump-Biden talks, Continued Consolidation Called For Indonesia Stock Market, Dow Jones Rebounds on Stimulus Hopes, Nikkei 225 May Lead Asia Lower, Eerie Nasdaq Fractal Predicts Bitcoin Is About to See Its Next Leg Higher. The best of the 2020 rally in NIO stock has already happened. NIO stock was overvalued. Although NIO’s long-term growth prospects are huge, valuation always matters, and the team at Goldman Sachs is right — the valuation on NIO stock price shot into over-optimistic territory. If you value NIO Inc on a per-car delivery basis with Telsa, it should have a current market cap of $26 billion, or a $26 share price today. Buy the dip if shares drop back towards $10. We hate Just look at what NIO stock price has done since the company has been public. NIO also has backing from the Chinese government, so it’s not only in their national interest but also their financial interest for NIO to beat Tesla in the world’s largest EV market. These indicators suggest that the stock could see some consolidation before extending its move higher. NIO stock price up above $15 did reflect far too much optimism with respect to the company’s realistic growth prospects. Under this new policy, NIO is the biggest beneficiary as they are the only premium EV company with battery swap services. By my numbers, NIO stock is in fairly valued to slightly overvalued territory here. If you have an interest in the lucrative microcap sector, sign up to Insider Financial today!
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