Shares of Chinese electric vehicle (EV) maker Nio (NYSE: NIO) were trading higher on Tuesday morning, after a Wall Street analyst initiated coverage of the company with a strongly bullish note.
As of 11:30 a.m. ET, Nio's American depositary shares were up about 2.3% from Monday's closing price.
In a new note on Tuesday, Barclays analyst Jiong Shao initiated coverage of Nio with an overweight rating and a price target of $34.
Source Fool.com