- Nio (NYSE:NIO) stock is rising 2.8% alongside an analyst upgrade
- This has Bank of America giving it a “buy” rating
- It also comes with a new price target of $26 per share
Nio (NYSE:NIO) stock is getting a boost on Monday thanks to an upgrade from Bank of America analyst Ming Hsun Lee.
This sees Lee upgrading Nio from a “neutral” rating to a “buy” rating. For the record, that matches the analyst consensus for NIO stock based on 15 ratings. That includes 14 “buy” ratings and a single “hold” rating.
And the Bank of America analyst didn’t just stop with an upgrade. He also increased the firm’s price target for NIO stock to $26 per share. That implies 81.7% upside to the stock’s closing price on Friday. It’s also worth noting that the current consensus price estimate for NIO stock is $48.51.
So what’s behind the bullish rating for NIO stock today? Let’s take a look at what Lee has to say about the company in a note obtained by CNBC!
“We like NIO for its (1) advantages in the premium smart EV segment, (2) solid volume sales back by continuous new model launch to help share gain, (3) focus on autonomous driving, powertrain, and charging solution to enhance user experience.”
NIO stock is seeing a decent amount of trading today with the new rating for its shares. This has more than 53 million shares of the stock on the move as of this writing. To put that in perspective, the company’s daily average trading volume is closer to 74.8 million shares.
NIO stock is up 2.8% as of Monday morning but is down 56% since the start of the year.
Investors seeking out more stock market news for today are going to want to stick around!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.