Shares of Chinese EV maker NIO (NYSE:NIO) are going full throttle today after seeing positive analyst comments amid a slew of recent positives. Deutsche Bank’s Edison Yu has reiterated a Buy rating on NIO today alongside a $39 price target.
Post the company’s recent Q2 showing, Yu expects the new ET5 sedan and stable volumes of older products to be the main drivers for the stock. He notes initial customer response for ET5 is positive.
Add to this, today, Bank of America’s Ming-Hsun Lee too reiterated a Buy rating on NIO while upping the price target to $30 from $29.
Overall, the Street has a Strong Buy consensus rating on NIO based on 11 unanimous Buys. The average price target of $31.07 indicates a massive 46.59% potential upside in the stock. That’s after a 36.72% slide in the share price so far this year.
China saw sales of new energy vehicles jump by nearly 107% over the prior year in August which bodes well for NIO as well.
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