JPMorgan Cuts NIO Price Target to $7 as January Deliveries Surge 96%
JPMorgan cut NIO’s price objective from $8 to $7, kept Overweight rating, citing China passenger vehicle slowdown and cutting Li Auto’s 2026 profit to a loss. NIO reported January deliveries of 27,182 units, up 96.1% year-on-year, and Macquarie raised its FY26 volume forecast by 7% and price target to $6.10.
1. JPMorgan Rating Decision
On February 9, JPMorgan analyst Nick Lai lowered NIO’s price objective from $8 to $7 while retaining an Overweight rating, citing an expected slowdown in China’s passenger vehicle market. Lai also projected Li Auto would incur a loss in 2026, trimming its profitability estimate due to weakening sales and margins.
2. January Deliveries Surge
NIO delivered 27,182 vehicles in January 2026, marking a 96.1% increase year-on-year. The deliveries included 2,807 units of the Firefly, 3,481 units of the ONVO, and 20,894 units of the premium Nio brand, bringing cumulative deliveries to over 1.02 million units by month-end.
3. Macquarie Raises Forecasts
On January 16, Macquarie maintained an Outperform rating and hiked its price target on NIO from $5.30 to $6.10, boosting its FY26 volume forecast by 7% amid strong demand for the ES8 and Firefly models. The firm sees potential for roughly 40% volume growth in 2026 despite anticipating wider net losses and margin compression.