Nio Stock Downgraded by Mizuho on China EV Demand Worries, Price Target Slashed 12% on Slowing Growth

• Mizuho Securities downgraded Nio stock to "neutral" from "buy" due to concerns about slowing EV demand in China • The firm lowered its price target to $5.50, suggesting only 12% upside for Nio • Nio deliveries grew 31% in 2022 but are down 12% year-over-year so far in 2023 • Competition from cheaper EVs like BYD's models is hurting more premium-priced companies like Nio • Mizuho forecasts slower 15% EV sales growth in China in 2024, revising outlook down from 25% previously