1 Wall Street Analyst Just Cut Its Nio Price Target by 27%. Is It a Sell?
Investment bank Bernstein has never been a huge fan of Chinese electric car company Nio (NYSE: NIO). Bernstein's latest move on the EV stock, however, looks downright pessimistic.
Since initiating coverage of Nio stock back in 2021, Bernstein has commented on Nio's valuation nearly a dozen times, according to data from TipRanks.com. Each time, the banker recommended that investors hold the stock. (Word to the Foolish: On always-optimistic Wall Street, when an analyst tells you a stock is a "hold," you are best advised to translate that as meaning: "don't necessarily sell, but definitely don't buy").
On Thursday, however, Bernstein did something a little bit different.
Source Fool.com