Goldman Sachs lowered its 12-month price target for Nio Inc. to $6.10 from $7.00. The investment bank maintained its Buy rating despite the reduction.
Nio reported second-quarter results that met market expectations. However, the company issued third-quarter sales and revenue guidance that fell short of Goldman's projections.
Analysts attributed the soft guidance to weak domestic demand in China. The firm also noted lower brand recognition for Nio's new Onvo brand.
Zacks Research recently downgraded the stock to Hold from Strong Buy. Nio shares continue to trade near their 52-week low.