NIO Inc. investors looking for a reprieve after the stock’s worst week ever are waking up to more bad news: Sanford C. Bernstein just slashed its estimate for the Chinese electric-vehicle maker to almost 50% below the current price.
Bernstein analysts led by Robin Zhu cut their price target to 90 cents from $1.70 -- the first to go below $1, according to data compiled by Bloomberg. The EV maker has lost more than 70% of its market capitalization, or about $5 billion, since its New York initial public offering a year ago. The shares fell as much as 13% to a low of $1.53 on Monday, adding to a 42% slide last week.