- Shares of Nio Inc (NYSE: NIO) have received a price target increase from $54.70 to $59 by Bank of America. These are the details.
Shares of Nio Inc (NYSE: NIO) have received a price target increase from $54.70 to $59 by Bank of America. And Bank of America Securities analyst Ming-Hsun Lee reiterated a “Buy” rating on the company shares.
Lee had raised the price target in anticipation of the annual Nio Day event. And he lowered the estimates on Nio’s net loss through 2022 following Nio’s $3 billion capital raise last month.
And Lee is expecting Nio to announce a new electric sedan vehicle – which would arrive in the fourth quarter of 2021. The new sedans are expected to feature Nio’s advanced vehicle chips in partnership with Mobileye. Mobileye and Nio are also working on a robotaxi service. Plus Lee believes that Nio will unveil a 150-kilowatt-hour battery, making the driving range much more efficient.
Lee noted that Bank of America has a more positive view on the partnership and that a charging/battery swap facility will enhance user experiences as “range anxiety is mitigated.”
Disclosure: I have a small NIO position in my stock portfolio.