Nio attracts bull rating from Barclays on potential for 'dominant' global position
"We believe that the rapid adoption of EVs around the world and booming EV sales have presented China’s EV makers a rare opportunity to not only take a sizable market share of the domestic auto market – the largest in the world with about 25-30% global share by units sold per annum – but also build a dominant position on the world stage," noted analyst Jiong Shao.
Shao and team also pointed to upside with Nio's (NIO) strategic partnership with Chinese EV battery maker CATL that produces purpose-built batteries for Nio with the latest technologies co-developed by the companies. In addition, Nio's (NIO) battery swapping and battery leasing options are called highly innovative.
Barclays assigned a price target of $34 to Nio (NIO) to rep more than 40% upside for shares from yesterday's closing level. That price target is still well below the 52-week for Nio (NIO) of $64.60.
source:seeking alpha
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