Nio (NYSE:NIO) stock is heading higher on Friday despite the company’s shares being hit with price target drops today.
Starting off those price target drops are Mizuho’s analysts, who dropped their price target for NIO stock from $48 per share to $42 per share. Citigroup analyst Jeff Chung joined in with a price target drop from $41.10 per share to $31.30 per share.
To put those price target drops in perspective, the current analyst consensus price target for NIO stock is $37.98. Investors will also note that the electric vehicle (EV) company’s stock was trading at $17.67 per share when markets closed on Thursday.
The price target drops for NIO stock come after the company reported results for the second quarter of the year. Analysts were unimpressed by the company’s results, which triggered the new price targets.
NIO Investors Hold Out Hope
Even with those price target drops, NIO stock is rising today as investors push it higher. This comes alongside news that Chinese stocks may not have to worry about inflation much longer. The talk out of China is that inflation is stalling and that’s a boon to stocks from the country.
That’s something Chinese companies have been desperately hoping for. The slew of Covid-19 lockdowns affecting the country has had a major impact on its economy. However, easing inflation has shares rising today.
NIO stock is up 8.2% as of Friday afternoon but is down 42.9% since the start of the year.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.