NIO (NIO) Stock: $34 Price Target From Barclays

By Amit Chowdhry ● Feb 8, 2022
  • The shares of NIO (NYSE: NIO) have received a $34 price target from Barclays. These are the details.

The shares of NIO (NYSE: NIO) have received a $34 price target from Barclays. And Barclays analyst Jiong Shao initiated coverage of NIO with an Overweight rating.

Shao pointed out that EVs and smart cars are among China’s top national priorities and the total addressable market is not just China, but the global auto market.

“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,” wrote Shao in a research note. “It is a national priority for China to develop cutting-edge EV and autonomous driving technologies, and to export competitive EVs around the world, as Chinese smartphone manufacturers have done in recent years. Several leading EV makers have already started selling their products in Europe.”

With the $34 price target on NIO, Shao said that they believe that concern should be “somewhat alleviated” now that NIO is ready to double production capacity at its current factory in March.

Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.