Electric vehicle (EV) makers may be having a tough time weathering a recent slowdown in customer demand, but one Wall Street analyst still thinks investors can make good profits owning stock in at least one growing company.

Shares of Chinese EV company (NYSE: NIO) could more than double from recent levels, according to a note Morgan Stanley put out earlier this week. Analyst Tim Hsiao reiterated an "overweight" rating on the shares citing an expected stock price of $10 per share. That would amount to a 124% upside over the next 12 months or so from its current price.

Hsiao and his team noted relative strength in the company's sales in March versus the prior month as well as year over year. The breadth of Nio's sales was particularly noteworthy in March. Sales of its SUV models grew more than 40% month over month while its smart electric sedan sales increased by over 50%. Sales came within expectations that were recently adjusted lower by the company.

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Source Fool.com