BofA/Merrill analyst Ming Hsun Lee upgraded NIO Inc. to Neutral from Underperform with a price target of $6.20. The shares, after declining 47% from the peak in early March, have now factored in the company's lowered sales volume growth, Lee tells investors in a research note. The analyst views NIO's current valuation as fair and expects its volume sales to grow sequentially in Q2 relative to Q1. The company just launched a six-seater ES8, which should gain some popularity from consumers, says Lee. Further, NIO is arranging more test-drive events in more cities, which the analyst believes should help orders improve.