Shares of Chinese electric-vehicle maker NIO (NYSE: NIO) were trading higher on Friday, after a Wall Street analyst initiated coverage of the company with a bullish note.
As of 11 a.m. EST, NIO's American depositary shares were up about 5.9% from Thursday's closing price.
In a note Friday morning, Nomura analyst Martin Heung initiated coverage of NIO with a rating of buy and a price target of $80.30.
Source Fool.com