NIO soars to new highs after bullish call from Morgan Stanley
NIO) is soaring to all-time-highs after a bullish call from Morgan Stanley analyst Tim Hsiao.
The analyst upgraded the American depository shares of the Chinese electric car maker to Overweight and a price target of $20.50. Shares were trading around that level, up about 15% during Wednesday’s mid-session
TSLA).
Analysts have been increasingly bullish about the Chinese luxury electric vehicle maker over a string of positive developments recently.
secured $1 billion in investments from state-owned companies in Heifi, removing liquidity risks going into next year.” data-reactid=”25″>Since the coronavirus pandemic, NIO has secured $1 billion in investments from state-owned companies in Heifi, removing liquidity risks going into next year.
launch of a battery subscription program. This way customers can buy a vehicle for a lower price while paying a subscription for a battery pack separately.
NIO may expand globally starting with Europe later this year.
upgraded the stock to Neutral from Sell citing a strong global market appetite for electric vehicles. That call shot up shares as much as 19% on Tuesday. Gong had previously been bearish on the company dubbed “The Tesla of China.”” data-reactid=”39″>The stock’s breakout this week began when UBS analyst Paul Gong upgraded the stock to Neutral from Sell citing a strong global market appetite for electric vehicles. That call shot up shares as much as 19% on Tuesday. Gong had previously been bearish on the company dubbed “The Tesla of China.”
2nd quarter results which beat analyst expectations. Founder and chairman William Li noted “historically high vehicle gross margin of 9.7%, lowest-ever operating losses and more importantly, a positive cash flow from operations for the first time in our history.”
surging 22% during one session after reporting a whopping 179% for its June sales.
downgraded NIO to Sell saying “the current share price reflects over-optimism.” That call sent the stock tumbling 14% in one day.
Year-to-date NIO is up about 616%.
@ines_ferre” data-reactid=”56″>Ines covers the U.S. stock market. Follow her on Twitter at @ines_ferre
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