Citi upgrades Nio, says growing electric vehicle demand in China can lift stock more than 50%
Chinese electric vehicle maker Nio should see sales growth accelerate in the near- and long-term, giving its stock upside of more than 50%, according to Citi.Nio’s shares have struggled in 2021, along with other stocks tied to the electric vehicle industry. The company’s U.S.-traded shares have slipped more than 20% year to date.Citi analyst Jeff Chung upgraded the stock to buy from neutral, saying in a note to clients on Tuesday that the company should see demand gain steam in the coming months
May 28 - Shares of Tesla Inc fell more than 1% on Friday after an unverified tweet said the electric carmaker had decided to recall some of its Model Y and Model 3 vehicles, citing a note from the company.Tesla did not immediately respond to a Reuters request for comment and Reuters was unable to verify the statement from the company that was shown in the tweet.