NIO Inc NEVER Shares are trading higher on Monday after positive analyst reports from Deutsche Bank and BofA.
according to a Barron’s reportDeutsche Bank analyst Edison Yu has named Nio as his top pick among Chinese EV manufacturers. The analyst reiterated his $39 price target on the stock on Monday.
It’s “finally time for the stock to shine bright,” Yu reportedly wrote in a note to clients.
The analyst points out that Nio’s older vehicles are still selling very well. Yu also sees Nio’s top-of-the-line ET5 sedan selling well based on initial feedback.
BofA Securities on Monday reiterated its buy rating on Nio, raising its price target to $30 from $29, citing positive feedback on Nio’s ET5 sedan, according to separate reports.
Together, Nio designs, develops, manufactures and sells high-quality intelligent electric vehicles.
See also: Top Financial Stories Monday 12 September
NOK price campaign: Nio has a 52-week high of $33.80 and a 52-week low of $11.67.
As of press time, the stock is up 8.38% to $20.78 Gasoline Pro.
Photo: courtesy of Nio.
