Why Did Nio Stock Jump Today?
One Wall Street firm sees more than 45% upside for Nio stock.
Overview
Electric vehicle (EV) maker Nio (NYSE: NIO) has been increasing vehicle sales and approaching profitability. Now, a Wall Street upgrade has the stock surging today.
Analysts at Goldman Sachs upgraded Nio to a "buy" from "hold" and set a price target of $7. At 11:25 a.m. ET, Nio's American depositary shares traded at $4.96 per share, up 3.7%. Goldman's target price is 46% higher than where Nio stock closed on Friday.
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Source
Originally published at www.fool.com.
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Disclaimer: This article is for informational purposes only and does not constitute investment advice. Data may be delayed up to 15 minutes. Past performance is not indicative of future results. Consult a licensed financial advisor before making investment decisions.