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Nio Inc - ADR (NYSE: NIO) shares were trading higher Thursday after one Wall Street analyst raised their price target for the stock ahead of the company’s annual Nio Day event.
The Nio Analyst: BofA Securities analyst Ming Hsun Lee reiterated a Buy rating for Nio and raised the price target from $54.70 to $59.
The Nio Thesis: Lee lowered his Nio net loss estimates through 2022 following the company s $3-billion capital raise in December. The next major catalyst for the stock will be Nio Day on Jan. 9.
The analyst is expecting Nio to announce a new electric sedan that will hit the market by the fourth quarter of 2021.