Nio price target lowered to $7.20 from $8 at UBS

UBS lowered the firm’s price target on Nio to $7.20 from $8 and keeps a Neutral rating on the shares. Management’s next ambition is the mass-market brand Alps program, but UBS doubts the visibility of any loss-narrowing driven by that, given BYD’s volume dominance and absolute cost advantage in that market, the analyst tells investors in a research note.