EV maker NIO (NYSE:NIO) has seen its share price drop nearly 64% over the past year. Rising global uncertainty coupled with macro challenges and COVID-19 challenges in China continues to keep investors wary.
The company recorded a 30% year-over-year rise in the number of vehicle deliveries for the month of November. At 106,671 deliveries, this was a nearly 32% rise in year-to-date numbers.
Nonetheless, competition in the EV space continues to heat up and short interest in the stock is currently hovering at about 5.5%.
Mizuho’s Vijay Rakesh though sees a 155.24% potential upside in the stock despite a scaled-back price target from $34 to $28.
Overall, analysts have a Moderate Buy consensus rating on NIO alongside an average price target of $16.31. This indicates a 48.68% potential upside in the stock.
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