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NIO Stock Forecast: Nio Inc charges higher as CitiBank provides street high price target

NYSE:NIO gained 6.70% during Thursday’s trading session.
CitiBank provides a bullish price target of $87.00.
Nio’s domestic rival XPeng also gets a CitiBank upgrade ahead of earnings.

Stocks Reporter FXStreet

NYSE:NIO investors shrugged off the recent volatility following its earnings call and bought in alongside a prominent Wall Street analyst. On Thursday, shares of NIO gained 6.70% and closed the trading session at $42.20. It’s been a wild week of ups and downs for the electric vehicle sector, headlined by industry leader Tesla (NASDAQ:TSLA) CEO Elon Musk selling off a significant stake of his Tesla stock. The markets rebounded on Thursday following two straight days of decline after a report of continued growth in inflation. The Dow Jones was the only index to finish the day lower, as Wall Street was paced by the NASDAQ which rebounded after falling by 1.66% on Wednesday.

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Despite its mixed earnings results, Nio received another positive upgrade on Thursday, this time from CitiGroup. The analyst reiterated the buy rating for Nio’s stock and upped the price target from $70 to a street-high $87.00. This target represents a more than 100% ceiling from Nio’s closing price on Thursday, as CitiGroup joins other bullish analysts including those from Bank of America and Deutsche Bank. CitiGroup is optimistic about Nio’s market share moving forward, as well as expansion into Europe and multiple new vehicle models on the horizon.

NIO stock price

Nio wasn’t the only Chinese electric vehicle maker to receive an upgrade on Thursday as AliBaba (NYSE:BABA) backed XPeng (NYSE:XPEV) did as well. CitiGroup provided an identical price target of $87.00 for XPeng, which illustrates just how bullish American institutions are on the Chinese EV market. Shares of XPeng climbed by 7.33% on Thursday, as the company prepares to report its third quarter earnings on November 23rd.

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