Chinese stocks have had a disappointing year so far and Nio (NYSE:NIO) is no exception. The electric vehicle (EV) company reported its fourth-quarter earnings yesterday with revenue of $2.4 billion, up by 6.5% year-over-year (YOY) and in-line with the analyst estimate. This was driven by the delivery of 50,045 vehicles, up by 25% compared to 40,052 deliveries a year ago. However, Q4’s delivery growth trailed the overall delivery growth of 2023, which was 30.7%.

Diluted net loss per share was 39 cents, falling short of the estimate for a loss of 34 cents. Net loss was $756 million, marking a YOY improvement of 7.2%.

For Q1, Nio guided for revenue between $1.479 billion and $1.562 billion, which would signal a decrease of 1.7% on the low end and an increase of 3.8% on the high end. Deliveries are expected to be between 31,000 and 33,000 vehicles, signaling a 0.1% decrease on the low end and a 6.3% increase on the high end.

Wall Street analysts weren’t impressed with the numbers, resulting in a slew of price target reductions.

NIO Stock: Barclays Cuts Price Target to $5

This morning, Barclays analyst Jiong Shao lowered his price target to $5 from $8 while maintaining an “equalweight” rating. On TipRanks, Shao is ranked at 4,318 out of 8,757 total analysts with a success rate of 39% and an average one-year return of 1%.

Shao wasn’t the only analyst unimpressed with the results. CLSA analyst Ding Luo cut his price target to $6 from $9.80. The analyst noted that Nio’s revenue fell by 10.3% quarter-over-quarter while its net loss growth more than doubled that at 20.8%. “As NIO did not reach enough scale in 4Q it saw high unit expenses per vehicle, thus resulting in a larger net loss,” said Luo.

Deutsche Bank seemed to like the earnings more than the other two analysts, as it reiterated its $9 price target and “buy” rating. Analyst Vincent Ha noted that Nio’s guidance for Q1 was “better than feared.” Additionally, the company’s Q1 production guidance suggests a March ramp-up from February’s production of 8,132 vehicles.

NIO stock carries an average price target of $9.49 among analysts.

On the date of publication, Eddie Pan did not hold (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.