Next to Tesla, Nio (NIO) has become one of the hottest EV stocks on the market.
The stock has become so hot, we could easily see $25, near-term.
All thanks to strong sales and an upgrade.
For one, UBS analyst Paul Gong just upgraded the stock to the equivalent of a Hold from a Sell. The analyst also raised his price target from $1 to $16, according to Barron’s.
Two, strong sales are also sending the stock higher.
For July 2020, the company quadrupled its EV sales. In fact, sales were up 322% to 3,533 vehicles – its second best month ever.
For June 2020, the company sold 3,740 EVs for the month, up 179% year over year. “In June, we achieved a historical high of monthly deliveries, contributing to our best quarterly performance. We appreciate the continuous support from our growing and loyal user community,” William Bin Li, Nio’s chairman and CEO, said.
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