Why Nio Stock Rallied 11% in October and Isn't Stopping
Electric vehicle (EV) stocks have sizzled in recent weeks, with some showing no signs of slowing down. Case in point: Nio (NYSE: NIO), which jumped 10.6% in the month of October, according to data provided by S&P Global Market Intelligence, and is already up another 10% so far in November, as of this writing.
To be fair, October was quite a roller coaster ride for Nio, but some days were so big, the stock eventually ended the month on a high note.
Momentum started to build early in the month after Goldman Sachs put up a price target of $56 a share on Nio stock, nearly 66% higher than the price it was then trading at. Among other things, Goldman Sachs believes Nio's upcoming luxury sedan, the ET7, scheduled for deliveries early next year, holds a lot of promise as the most expensive model to be launched by a local manufacturer in China.
Source Fool.com
