Nio (NYSE: NIO) stock plunged to a 52-week low of $4.78 during trading on Tuesday after announcing its fourth-quarter and 2023 numbers early in the morning. The electric vehicle (EV) maker has struggled to grow sales and margins amid a slow global EV market and intensifying competition in its home market of China.

Yet, Nio's outlook for 2024 wasn't nearly as bad as many expected it to be. That's one reason Deutsche Bank analyst Edison Yu, who follows Nio closely, maintained a buy rating and previous price target of $9 a share on the EV stock after earnings. That represents almost a 69% upside from Nio's previous day's closing price and makes the stock look like a solid bargain right now.

Nio's fourth-quarter deliveries rose 25% year over year to a little over 50,000 units, but were down about 10% sequentially. Other notable numbers include:

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Source Fool.com