HSBC upgraded Nio to Buy from Hold with a price target of $6.80, up from $4.80. The firm sees better visibility and has "stronger conviction" on Nio's 2026 volume growth and earnings improvement trajectory following the Q4 report. The company's new models and core portfolio growth, especially the ES8, could support volume growth, mix upgrade, and margin expansion, the analyst tells investors in a research note. HSBC believes "strong" order momentum in Nio's core portfolio with new model launches are set to drive volume growth.
