[Alpha Biz= Reporter Kim Minyoung] According to CNBC on the 15th (local time), JP Morgan has upgraded its rating on the Chinese electric vehicle manufacturer NIO from Underweight to Neutral.

Additionally, the target price for NIO has been raised from $4.80 per share to $5.40 per share.

With the new target price, it is forecasted that NIO's stock price will decrease by 6%.

JP Morgan analyst Nick Lai cited the slowdown in sales momentum in February as the reason for the downgrade in investment opinion.

However, he also anticipated that sales momentum would be bolstered by recent strategies such as government support in China and reducing monthly lease rates for buyers.

Following the rating change, NIO's stock price surged by more than 3% in pre-market trading.

 

 

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