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Citi upgrades Nio, says growing electric vehicle demand in China can lift stock more than 50%

The NIO Inc. ES6 electric sport utility vehicle (SUV) stands on display at the Auto Shanghai 2019 show in Shanghai, China, on Tuesday, April 16, 2019. China’s annual auto show, held in Shanghai this year, opened to the media on Tuesday amid the specter of an electric-car bubble and as the world’s largest auto market trudges through its first recession in a generation. Photographer: Qilai Shen/Bloomberg via Getty Images

Bloomberg

Chinese electric vehicle maker Nio should see sales growth accelerate in the near- and long-term, giving its stock upside of more than 50%, according to Citi.

Nio’s shares have struggled in 2021, along with other stocks tied to the electric vehicle industry. The company’s U.S.-traded shares have slipped more than 20% year to date.

Citi analyst Jeff Chung upgraded the stock to buy from neutral, saying in a note to clients on Tuesday that the company should see demand gain steam in the coming months, making that weakness in trading a buying opportunity.

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