Shares of Chinese language electric-vehicle maker NIO (NYSE:NIO) have been buying and selling greater on Thursday, after two Wall Street analysts launched bullish notes on the corporate within the wake of its better-than-expected earnings report.
As of midday EST, NIO‘s American depositary shares have been up about 5.2% from Wednesday’s closing price.
Analysts from Citi and J.P. Morgan each launched bullish notes on NIO through the day on Wednesday. These notes, and NIO‘s good earnings report, have been in all probability why auto buyers have been bidding up NIO‘s shares up at noon on Thursday.Apple-converted-space”>
J.P. Morgan’s Nick Lai stated he continues to be constructive on NIO‘s longer-term prospects. Lai famous that NIO‘s earnings got here in 11% higher than Wall Street’s consensus estimate, that its steerage for fourth-quarter gross sales was “stable,” and that the corporate is pushing forward with new models and autonomous-driving improvement. He raised his bank’s price goal for NIO‘s shares to $50, from $46, whereas sustaining an obese score on the stock.
Citi analyst Jeff Chung additionally continues to be constructive on NIO. Chung wrote on Wednesday that NIO‘s third-quarter outcomes have been “stable,” and that he sees “upside dangers” if the corporate’s manufacturing ramp-up continues on track and demand stays strong.
Chung thinks that NIO may hit 100,000 deliveries in 2021. He is optimistic about NIO‘s gross sales progress within the medium time period, on condition that he expects momentum in China’s new-energy autos sector to stay robust into the primary quarter of 2021, and on condition that NIO plans to extend its month-to-month manufacturing by early subsequent 12 months, to 7,500 autos monthly from 5,000 now.
Chung maintained his earlier price goal of $46.40 and purchase score on NIO‘s shares.Apple-converted-space”>