Nio Inc NIO shares are likely to bounce from the recent fall, TipRanks.com reported on Sunday, citing Mizuho Securities analyst Vijay Rakesh.

What Happened: Mizuho analyst has maintained a “buy” rating on Nio and kept the price target of $60 on the stock. 

Nio shares closed 1.4% lower at $16.4 on Friday and are down 51% year-to-date.

See Also: Why Alibaba, Nio, Most Chinese Peers Are Falling In Hong Kong Today

Why It Matters: Nio shares have been under pressure off-late as the U.S. listed stock faces delisting risk as Beijing refused to allow auditing access.

The stock also has a secondary listing on Hong Kong and Singapore exchanges.

Shanghai-based Nio is set to report first-quarter earnings on June 9, before the market opens. 

The EV maker has guided first-quarter revenue to come in between $1.51 billion and $1.57 billion. 

Nio delivered 25,768 vehicles in the three months ended March, a jump of 28.5% year-over-year.

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