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.
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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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