Why Nio Stock Surged Higher Monday
(NYSE: NIO) stock has been on a tear lately, and that continued as this trading week got underway. The Chinese electric vehicle (EV) maker's American depositary shares jumped as much as almost 15% this morning. As of 2:45 p.m. ET, those shares were still trading higher by 11.1%.
Today's move comes after a Wall Street analyst became bullish on the company and its new mass-market brand. The stock is now up by about 33% over the last three months.
According to reports, Macquarie's Eugene Hsiao boosted his rating on Nio to the equivalent of a buy on Monday. (He previously had a neutral rating on the stock.) Hsiao's $6.60 price target would represent a gain of 25.5% from Friday's closing price. Hsiao upgraded the stock because he thinks Nio's fourth-quarter sales could get a boost from a new catalyst.
Source Fool.com
