NIO Stock Price and Forecast: Charges up further on Deutsche Bank praise
- NYSE:NIO continues its climb as shares gain nearly 11% during Tuesday’s trading session.
- Deutsche Bank reiterates buy rating and raises price target.
- NIO has favorable consumer brand ratings compared to Tesla and other big automakers in China.
NYSE:NIO continues its charge up the stock charts as the Chinese automaker gained a further 10.85% on Tuesday to close the day at $20.85, after briefly hitting a new all-time high of $21.12. The stock is now up nearly 14% so far this week and is up nearly 140% over the last three months which exhibits the bullish momentum that the stock currently has. While the entire electric vehicle sector has had a nice ride on the tailwinds of Tesla (NASDAQ:TSLA) this year, NIO seems to be setting itself apart from the rest of the field in terms of technology and innovation.
Deutsche Bank analyst Edison Yu provided a glowing review of NIO’s upcoming technology and despite some investor criticism about brand recognition as well as a reduction in its R&D division back at the end of 2018, Yu insists that NIO’s technology is ahead of its peers. Deutsche Bank has doubled down on its buy rating for NIO and has upped its price target to $24, which represents a nice 15% ceiling above the current trading levels.
NIO stock news
The Deutsche Bank upgrade was right in line with the sentiment that Bank of America (NYSE:BAC) issued earlier in the week with its own price target of $22. Nio investors who have stayed with the company through its freefall down to $1.19 per share late last year must be thrilled with the recent performance of the stock. The company has had that same reaction in its own country as a recent consumer satisfaction poll had them well ahead of other luxury brands like Tesla, BMW, and Mercedes-Benz.
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FXStreet
