Nio Inc (NYSE:NIO) gets an upgrade from Bank of America

The year 2022 has been nothing but dismal for share holders of Nio Inc (NIO). Share prices have lost over 50% value since the beginning of this year and it seems the stock is yet to catch a break. However, a bounce back may be in the making starting with today upgrade of NIO by Bank of America.

Bank of America said in its upgrade of the China electric vehicle company that it likes the stock’s valuation.

This seems attractive given the improving outlook – NIO traded at a similar valuation only during 2H19-1Q20 when it faced sales slowdown, product recalls and financing challenges, while its current fundamental is stronger in terms of brand equity, sales growth, R&D capability, and improved cash flow.

Nio is currently trading at $14.31 down more than 57% YTD.