JPMorgan Raises Nio Price Target to $4.80, Maintains Neutral Rating

JPMorgan analyst Nick Lai raised Nio's price target to $4.80 from $4.10 and maintained a Neutral rating. The firm lifted fiscal 2026 and 2027 volume estimates for Nio by 11-13% due to stronger volume from the L90 and L80 SUV launches.

JPMorgan analyst Nick Lai has downgraded Li Auto (LI) to Neutral from Overweight, reducing the price target from $33 to $28 [1]. The downgrade reflects the firm's expectation of a slowdown in China's PV demand in 2026, with the expiration of government subsidies by the end of 2025. Lai also noted that the competitive dynamic in Li's BEV business is intensifying, leading to a 10-20% reduction in FY25/FY6 volume and earnings estimates.

Meanwhile, JPMorgan raised Nio's price target to $4.80 from $4.10, maintaining a Neutral rating [2]. The firm lifted fiscal 2026 and 2027 volume estimates for Nio by 11-13% due to stronger volume from the L90 and L80 SUV launches. The analyst noted that Nio's recent models, such as the L90 and L80 SUVs, have attracted significant traffic and orders, which has contributed to the upward revision in estimates.

References:

[1] https://www.tipranks.com/news/the-fly/li-auto-downgraded-to-neutral-from-overweight-at-jpmorgan-thefly
[2] https://www.cnbc.com/2025/08/14/jpmorgan-downgrades-li-auto-as-chinese-ev-competition-ramps-up.html