NIO is likely to sustain its strong order momentum into September thanks in part o the upcoming launch of new EC6 model this month, Citi analysts say in a research note.
The analysts raise their 2023 sales forecast to 210,000 from 190,000 to factor in NIO's strong order book and higher volume visibility.
Given NIO's competitive advantage in battery-swap stations and charging facilities, luxury German brands could seek cooperation with NIO in this area, they say.
They revise the EV maker's rating to buy from buy/high risk, as the stock now has a long trading history, and its corporate governance and long-term growth visibility have improved, they say.
Citi raises the stock's ADR target price to USD$19.20 from USD$13.20 and its H-share target price to HK$147.90 from HK$107.10. Its H-shares are 1.9% lower at HK$120.30.