Shares of Chinese electric-vehicle maker NIO (NYSE: NIO) were trading higher amid a broad-based rally on Wednesday afternoon, after a JPMorgan analyst upgraded the stock ahead of Thursday's earnings report.
As of 3:15 p.m. EDT, NIO's American depositary shares were up about 8.3% from Tuesday's closing price.
In a note on Wednesday morning, JPMorgan analyst Nick Lai raised his rating on NIO to neutral, from underweight, and boosted his price target for the shares to $3.50 from $2. (We should note that NIO's shares were trading a bit above $4 at mid-afternoon on Wednesday.)
Source Fool.com