NIO stock rose in pre-market trading on October 14, 2020, after an analyst upgrade.
JPMorgan analyst Nick Lai upgraded NIO Inc. (NIO) to Overweight from Neutral with a price target of $40, up from $14. The stock closed Tuesday down 23c to $21.62. China’s new energy vehicle penetration is set to accelerate from here and quadruple by 2025, Lai tells investors in a research note. In China’s smart electric vehicle market, the analyst expects NIO to be a long term winner in the premium space among Chinese brands versus Xpeng leading the mass market. Tesla (TSLA) is driving “a rising tide lifts all boats” phenomenon, says Lai, who believes the China market is not “winner takes all.” Despite NIO’s year-to-date rally, its valuation suggests “meaningful upside in the long term,” contends the analyst.
On October 2, 2020, NIO Inc. provided its September and Q3 delivery results. NIO delivered 4,708 vehicles in September, a new monthly record representing a 133.2% year-over-year growth. The deliveries consisted of 3,210 ES6s, the company’s 5-seater smart electric SUV, 1,482 ES8s, the company’s 6-seater and 7-seater smart electric SUV, and 16 EC6s, the company’s 5-seater electric coupe SUV. NIO delivered 12,206 vehicles in Q3, representing an increase of 154.3% year-over-year and exceeding the higher end of the company’s quarterly guidance. As of September 30, cumulative deliveries of the ES8, ES6 and EC6 reached 58,288 vehicles, of which 26,375 were delivered in 2020.
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