Why NIO Stock Is Higher Today
Shares of Chinese electric-vehicle maker NIO (NYSE: NIO) were trading moderately higher on Friday, following a bullish note from a Wall Street analyst and a report that the company may be preparing to sell its upscale vehicles in Europe.
After trading as much as 4% higher earlier, as of 12:15 p.m. EST, NIO's American depositary shares were up by about 1.2% from Thursday's closing price. At the time, the broad market S&P 500 index was down by 1.3%.
NIO has been relatively quiet through this wild week for the U.S. markets. But in a note on Thursday, Morgan Stanley analyst Tim Hsaio raised his forecast for electric-vehicle sales in China to 1.7 million units this year; his earlier estimate had been for sales of 1.5 million vehicles. This led him to boost the price targets of two of China's electric-makers -- NIO's to $80 from $33, Li Auto's (NASDAQ: LI) to $49 from $26. He also initiated coverage of a third, Xpeng Motors (NYSE: XPEV), with a target of $70.
Source Fool.com
