1 Wall Street Analyst Cuts Nio's Price Target by 23%: Here's Why He's Right

Although it has plunged more than 36% since the start of the year, Nio (NIO 6.38%) stock is poised to hit the brakes on its downward path and drive back up -- just not as much as he previously thought.While Tim Hsiao, an analyst at Morgan Stanley, had previously thought that Nio stock would touch $13 a share, he cut his price target on Monday, thinking now that the stock is headed to $10. Let's take a look at the basis of Hsiao's outlook on Nio stock and why he could be right.Speed bumps will slow Nio down ...