Nio Stock Rallies On Buy Rating From UBS: Analyst Expresses Confidence In EV Maker’s New Products
Synopsis
The new price target of $8.50 implies an upside of nearly 31% from the stock’s closing price on Monday.
UBS on Tuesday upgraded Nio (NIO) to ‘Buy’ from ‘Neutral’, citing confidence in the company’s new vehicle offerings.
The brokerage also raised the price target on Nio to $8.50 from $6.20, according to TheFly. The new price target represents an upside of nearly 31% from the stock’s closing price on Monday.
Shares of the Chinese EV maker jumped nearly 3% in the pre-market session at the time of writing.
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