Reported 29 days ago
Nio (NYSE: NIO) stock experienced a significant increase, soaring up to 15% during Monday's trading, and eventually maintaining an 11.1% rise by the afternoon. The jump followed an upgrade from Macquarie's analyst Eugene Hsiao, who rated the stock as a buy, predicting a 25.5% price target increase due to expected boosts in fourth-quarter sales from Nio's new Onvo brand, specifically the affordable Onvo L60 SUV. The company's upcoming Q3 results are anticipated to provide further insights into this new sales catalyst.
Source: YAHOO