Nio Drops 4% on J.P. Morgan Downgrade and $4.50 Price Target, XPeng and Li Auto Slip

Nio shares fell 4% to $3.92 after J.P. Morgan downgraded the stock to Neutral from Overweight and cut its price target to $4.50 from $7.00. The reduction implies a more cautious stance on near-term upside, weighing on the shares as the target was sharply lowered.