Shares of Chinese electric vehicle (EV) maker Nio (NYSE: NIO) surged Thursday morning after an analyst report that included an increased price target and promising outlook. As of 10:45 a.m. EDT, Nio's American depositary receipts (ADRs) were up 4.7% after having jumped more than 6% at their highs this morning.
The pop comes as a Deutsche Bank analyst boosted the automaker's price target by $10 to $70 per share. That would represent a 69% gain in the share price from Wednesday's closing price. Analyst Edison Yu focused on Nio's order book as the reason for the increase, reports EV-focused website CnEVPost.
Source Fool.com