Shares of Chinese electric-vehicle maker NIO (NYSE: NIO) were rising on Wednesday, following bullish comments from analysts at Morgan Stanley and Citibank.
As of 11:15 a.m. EDT, NIO's American depositary shares were up about 10.3% from Tuesday's closing price.
In a new note on Wednesday morning, Morgan Stanley analyst Tim Hsiao upgraded NIO to overweight, from equal weight, and raised the bank's price target for the stock to $20.50 from $12. For reference, NIO was trading at $19.65 as of 11:15 a.m. EDT.
Source Fool.com