NIO Stock Forecast: Nio Inc continues ascent as markets extend rally for third straight day

NYSE: NIO gained 5.62% during Wednesday’s trading session.
Nio has its sights set on international expansion at the upcoming Nio Day event.
Tiger Securities initiates a buy rating on Nio with a $45 price target.

Stocks Reporter FXStreet

NYSE: NIO revved higher once again on Wednesday as growth stocks continued to rebound from their recent sell off. Shares of Nio jumped higher by 5.62% and closed the trading session at $34.98, extending its recent winning streak to three straight days. The stock is still trading below both the 50-day and 200-day moving averages for the time being following the 20% decline it saw over the past few weeks. All three major US indices climbed higher once again on Wednesday, as the NASDAQ gained 0.64% and the S&P 500 added 0.31% and is once again approaching it's all-time high price.

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The slogan for the upcoming Nio Day event on December 18th is titled ‘Hello World’ and may be alluding to Nio’s ongoing expansion outside of China. Following some key announcements in Europe, including a charging station partnership with Royal Dutch Shell and a leasing partnership with LeasePlan, Nio is positioning itself for a major announcement at its annual event. It is already anticipated that Nio will be in several more European markets by the end of 2022, but ‘Hello World’ does hint at potential expansion even beyond Europe in the near future.

NIO stock price

Accompanying Nio’s recent rally is yet another bullish price target from a Wall Street analyst on Wednesday. Tiger Securities initiated coverage of Nio and provided a $45 price target, which provides some nice upside from Wednesday’s closing price. It is interesting to note that the same investment firm provided a buy rating for Li Auto (NASDAQ: LI) but a hold rating for the other major Chinese EV maker XPeng (NYSE: XPEV).

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Stocks Reporter

FXStreet

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