American depositary shares of Chinese electric-vehicle maker NIO (NYSE: NIO) are rising today, up about 8.6% as of 10:30 a.m. EDT, after a once-bearish analyst upgraded the stock.
In a new note released before the market opened on Tuesday, UBS analyst Paul Gong upgraded NIO to neutral from sell and raised his price target to $16.30 from just $1.00. (For reference, NIO's shares were trading at $16.25 as of 10:30 a.m. EDT.)
NIO expects to begin deliveries of its latest model, the sporty EC6 crossover, next month. Image source: NIO.
Source Fool.com