Citibank analyst Jeff Chung came out and moved their price target for Nio (NYSE:NIO) stock from $58.30 to $72. Expected delivery numbers for June were among the main reasons cited for his price increase and maintained “buy” rating.
These numbers should be released very soon, by the way. Shares traded up about five percent after this, as Nio stock continues to draw additional interest from investors interested in the EV industry.
We’ve personally been supporters of leading Chinese EV company Nio for some time now. Others are continuing to join us on this fun ride with Nio stock, but the road trip is just getting started.
We don’t see any reason to not dip your toes in Nio’s stock now, with NIO having the potential to hit $100 in the future — not the near future by any means, but at some point in the coming decade.
Nio Delivers EVS While NIO Stock Delivers Gains
June’s delivery numbers should make up for the deliveries May was lacking due to a chip shortage. Despite this setback, Nio still delivered 95.3% more vehicles in May of this year than last. They also stated that they should be able to speed up their June deliveries to make up May’s delays. We’ll see whether or not this was the case in the next few days. But many people, including Jeff Chung, believe it’ll be good news that we end up hearing.
Also in Nio’s favor is a general trend pushing all Chinese EV stocks higher. In April and May, Chinese EV sales soared roughly 200 percent and 170 percent year-over-year, respectively. Couple this with the fact that Wall Street’s sentiment towards growth stocks has become more favorable, and we don’t see Nio stock’s rally ending any time soon.
We see Nio displacing Tesla (NASDAQ:TSLA) in China and consequently, we believe the stock will continue to outperform TSLA stock. For every good bit of Nio news, there’s some piece of negative press for Tesla. For example, UBS recently dropped their price target for TSLA from $770 to $660.
When this happens, you’ll be happy you bought NIO early on. It’ll take some time for investors to perceive Nio’s true value, but one day, regardless, Nio will be a dominant global EV maker that nobody can ignore.
Until that day, you can line your portfolio with plenty of other world-changing stocks to buy, many of which I cover every single day in my free eletter, Hypergrowth Investing. These stocks are, indeed, the companies actively changing the world and helping create a better tomorrow.
Of course, as they do that, many of these stocks have the potential to score early investors massive gains. Nio is just one piece of the puzzle of stocks that have the potential to do that.
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On the date of publication, Luke Lango did not have (either directly or indirectly) any positions in the securities mentioned in this article.
