Why Nio Stock Jumped Early Thursday

While technology stocks were mostly falling Thursday, shares of one Chinese electric vehicle maker jumped early in the session. Nio's (NYSE: NIO) American depositary shares spiked by almost 4% before giving those gains back, and then some. At the close, Nio shares were down about 2.7% on the day.

The early spike came a day after Credit Suisse analyst Bin Wang said Nio was his top pick in China's auto sector, and offered a price target of $83 per share. That target is nearly 250% higher than Wednesday's closing price of $23.76 per share. Wang also pointed to several likely growth triggers for Nio stock this year in his note, details of which were shared by Benzinga.

Source Fool.com