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What happened
Shares of
NIO (NYSE:NIO) rose 16.9% in January according to data from S&P Global Market Intelligence. The China-based electric vehicle (EV) stock gained ground thanks to strong delivery numbers, favorable analyst coverage, and continued market enthusiasm for the industry.
NIO published its monthly business update numbers on Jan. 3, reporting that December vehicle deliveries had surged 121% year over year to hit 7,007. Large analyst firms also generally put forth very favorable outlooks for NIO in January, which helped reinforce positive sentiment around the vehicle numbers and push the company s share price higher.
Image source: NIO.
So what
Nio leaps 5% as Nomura initiates coverage of the Chinese EV giant at buy
Will DanielJan 23, 2021, 01:47 IST
Nio s ES8.VCG/Getty Images
Nio stock leaped over 5% on Friday after Nomura initiated coverage with a buy rating.
Analyst Martin Heung called Nio the heir apparent in China s electric vehicle world.
The analyst gave the company a price target of $80.30, implying a potential 30% upside for the name.
Nio stock leaped over 5% on Friday after Nomura initiated coverage of the Chinese EV giant with a buy rating and a price target of $80.30.
Nio trades around $61.50 per share, implying a potential 30% price increase if Nomura s predictions are correct.