Nio(NYSE:NIO) stock is in the news Thursday thanks to a recent prediction for how the electric vehicle (EV) company will perform in 2022.
Deutsche Bank analyst Edison Yu is behind that news today. He called out the current price of NIO stock as a “great entry point setting up for a pivotal 2022,” despite the stock underperforming these last few months.
Here’s a portion of Yu’s prediction for NIO stock today, as collected by Seeking Alpha.
“Investor sentiment has been lackluster due to lack of new vehicles and supply chain constraints, and most recently, the heightened US delisting risk. We believe these headwinds can all reverse in the coming 12 months with NIO launching 3 new models over the next 12 months and boosting manufacturing capacity from 120k to 600k.”
How do Yu’s fellow analysts feel about NIO stock? Many of them seem to have a similar stance. Currently, the consensus rating for the company is a buy. That comes from 12 buy ratings and three hold ratings. The consensus price target is also sitting at $65.90 with a high of $87 and a low of $45. That consensus price represents a 122.33% upside for the shares.
While positive, today’s news isn’t translating to abnormal trading for NIO stock. As of this writing, some 14 million shares of the stock have changed hands. That still has a ways to go before it reaches the company’s daily average trading volume of about 42.9 million shares.
NIO stock is up 2.24% today but is down 44% since the start of the year.