Why Nio Stock Surged 10% Today
Nio (NYSE: NIO) stock surged Tuesday morning as the broader U.S. market rose, and was trading 10.2% higher as of 12:23 p.m. ET.
Ironically, the electric vehicle (EV) maker just got a massive price target downgrade, but investors right now appear to care less about what analysts think and more about what's happening in Nio's home market of China. Based on that, they're evidently buying the high-potential EV stock while it's trading at less than half the price it traded at a year ago.
On Tuesday morning, Citigroup analyst Jeff Chung slashed his price target on Nio to $41.10 per share from $87 a share, according to TheFly.com.
Source Fool.com
