NIO Stock Forecast: Nio Inc soars yet again as another analyst weighs in with a bullish forecast

NYSE:NIO gained 3.90% during Thursday’s trading session.
Deutsche Bank ups its price target for Nio to $70.
Rumors swirl about Tesla’s second EV factory in China.

Stocks Reporter FXStreet

NYSE:NIO continues to ride higher as the stock crossed over its key 200-day moving average on Thursday, which is one of the more bullish technical indicators. On Thursday, shares of Nio gained a further 3.90% and closed the trading session at $43.12. The Chinese EV maker’s stock briefly touched as high as $44.00 during intraday trading, which is the highest the stock has reached since early August. It was another bullish session overall as only the Dow Jones closed the day in the red, snapping the recent win streak for the blue-chip index. The NASDAQ and S&P 500 continued their streaks, as the benchmark index closed at a new all-time high for the sixth straight trading day.

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Another day, another price target upgrade for Nio from a Wall Street analyst. Earlier this week it was Mizhuo who reiterated its buy rating and provided a $67 price target for Nio’s stock. On Thursday, Deutsche Bank weighed in on Nio and upped its price target to an impressive $70. The analyst, Edison Yu, revised his price target from $10, and stated that much of the bullish outlook was based on Nio’s continued rise in quarterly vehicle orders.

NIO stock price

The Chinese domestic EV market is heating up and rumors that Tesla (NASDAQ:TSLA) is planning to open a second production factory in Qingdao have been denied by the company. But it wasn’t the project itself that Tesla denied, it was the location. It seems as though Tesla is planning to open another factory in China at some point to assist the current Shanghai GigaFactory, as China continues to be one of Tesla’s main focuses.

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