NIO stock rose early Monday after catching an upgrade to Buy from Goldman Sachs.
U.S.-listed American depositary receipts of the electric-vehicle maker were up 2.6% in early trading at $4.91, while the S&P 500 fell 0.2% and the Dow Jones Industrial Average rose 0.2%.
The move came after the upgrade to Buy from Hold. Goldman believes that the luxury ES8 and ES9 SUVs will sell well, improving profitability and free cash flow. Barron’s hasn’t seen a full copy of the report. Goldman didn’t immediately respond to a request for comment.
NIO is expected to generate break-even operating profit in 2026, up from a $1.1 billion loss in 2025. For 2027, Wall Street projects operating profit of $443 million, which would be the first positive operating profit in the company’s history. Sales jumping to about $24 billion in 2027, up from $12.7 billion in 2025, are what is driving the improvement.
Goldman’s new price target is $7 a share, up more than 45% from Friday’s closing price of $4.78.
With the upgrade, 78% of analysts rate shares Buy. The average Buy-rating ratio for S&P 500 stocks typically ranges from 55% to 60%. The average analyst price target for U.S. ADRs is about $7.40.
Coming into Monday trading, NIO’s U.S.-listed ADRs were down 6% this year. Chinese new-car sales growth has slowed, and the industry has faced brutal competition for market share.

