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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
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