NIO - Nio Stock Could Still Double According to 1 Wall Street Analyst
2024-06-10 09:10:00 ET
Good news for (new) Nio (NYSE: NIO) stock investors! Yesterday, Nio announced its first-quarter 2024 earnings results, and Nio stock promptly sold off . Shares of the Chinese automaker are down more than 8% since earnings came out. That means that -- as long as you think Nio stock is a buy -- the stock is now selling at a discount.
And according to Citigroup analyst Jeff Chung, this is exactly how you should be looking at this news.
Nio reported delivering just over 30,000 automobiles in Q1 2024, a 3% decline year over year -- which obviously isn't a great way to start off an earnings report. Revenues declined 7%, and the company reported a net loss of $718 million. Those obviously aren't great ways to continue an earnings report.
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Nio Stock Could Still Double, According to 1 Wall Street Analyst