NIO Stock Jumps on Another Analyst Upgrade
NIO (NYSE: NIO), a leader in China's premium electric vehicle market and a company many refer to as China's Tesla, is bouncing higher Wednesday after yet another analyst upgraded the stock.
J.P. Morgan bumped NIO from an underweight rating to neutral noting the following: "Over the past few months, NIO has been able to successfully secure funding through both a convertible note and government support. Now we believe that the rise of Tesla's Model 3, while clearly squeezing out small Chinese EV players, could lead to an emerging structural wave of B (i.e. corporate) to C (individual) customers in the passenger EV market, which we did not anticipate." J.P. Morgan bumped NIO's price target from $2 to $3.50.
NIO's ES6. Image source: NIO.
Source Fool.com
