Why Nio Shares Are on Track for Double-Digit Gains This Week
Last week, Nio (NYSE: NIO) announced its second-quarter earnings report, but it's this week that the stock is soaring. That report had both positive and negative aspects, but that's not why the stock is on track to jump double digits this week. Heading into the final day of trading, Nio's American depositary shares (ADSs) were up about 12% for the week, according to data provided by S&P Global Market Intelligence.
The bulk of this week's gain came on Monday after an analyst called Nio his top pick among Chinese EV makers. Deutsche Bank analyst Edison Yu assigned it a price target of $39 per share. That share price represented a gain of more than 100% from last week's closing price of just above $19. Yu thinks the new models that are coming out from Nio will be the catalyst to move the stock higher.
Source Fool.com
