Nio (NYSE:NIO) stock is on the move Friday after the electric vehicle (EV) company’s shares got a new price target from Deutsche Bank analyst Edison Yu.

This has the firm’s price target for NIO stock increasing from $13 per share to $17 per share. That means the stock could climb as much as 28.3% higher over the next year compared to Friday’s close. The new price prediction is also bullish compared to the analysts’ consensus of $13.31 per share.

Investors will also note that the Deutsche Bank analyst reiterated his “buy” rating for the EV company’s shares. To put that in perspective, the analysts’ consensus rating for NIO stock is “hold” based on 10 opinions.

Why The Bull Stance on NIO Stock?

Here’s what Yu had to say about Nio in a note to clients obtained by StreetInsider:

“Motivated by a greater sense of urgency, NIO’s operational execution has improved significantly in the past quarter with new models ramping quickly and sales efficiency improving.”

Following this positive statement from the Deutsche Bank analyst comes new estimates for deliveries. Yu is now expecting the company to deliver more than 60,000 units in Q3 2023. The analyst is also expecting deliveries for the full year of 2023 to be 180,000 units.

NIO stock is down 3.4% Friday morning despite the price target increase. However, its shares are up 33% since the start of the year. Trading today has some 16 million shares moving, as compared to its daily average of 65 million shares.

Investors can find even more of the latest stock market news worth reading about below!

We’ve got all of the hottest stock market coverage traders need to know about on Friday! Among that is why shares of DigitalOcean (NYSE:DOCN), Archer Aviation (NYSE:ACHR), and Black Spade Acquisition (NYSEMKT:BSAQ) stock are moving today. You can check out all of this news at the following links!

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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.