Shares of Chinese electric vehicle maker NIO Inc. (NYSE: NIO) surged over 6% in pre-market trading on Thursday, following a bullish analyst report from DBS Group. The strong pre-market performance comes ahead of the company's third-quarter earnings report scheduled for later this month.
In a research note released today, DBS analyst Rachel Miu reiterated a "Buy" rating on NIO with a price target of $8.00, representing a significant upside from its current levels. While the specifics of Miu's updated assessment were not immediately available, the reaffirmed bullish stance suggests continued optimism around NIO's growth prospects and ability to execute on its strategic plans.
NIO, which has been making inroads in the competitive Chinese EV market, has seen its stock price fluctuate in recent months amid broader macroeconomic concerns and supply chain disruptions. However, the company has maintained a strong following among investors who believe in its long-term potential and its innovative lineup of electric vehicles.
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