What's Going On With Nio Stock Today?

NIO Inc NIO shares are trading higher Monday following positive analyst coverage from Deutsche Bank and BofA.

According to a Barron's report, Deutsche Bank analyst Edison Yu has named Nio his top pick among Chinese EV makers. The analyst reiterated his $39 price target on the stock on Monday.

It’s "finally time for the stock to shine bright," Yu reportedly wrote in a note to clients.

The analyst points out that Nio's older vehicles are still selling very well. Yu also sees Nio's premium ET5 sedan selling well based on initial feedback.

According to separate reports, BofA Securities reiterated its Buy rating on Nio on Monday and raised the price target to $30 from $29, citing positive feedback on Nio's ET5 sedan. 

Nio designs, develops, jointly manufactures and sells premium smart electric vehicles.

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NIO Price Action: Nio has a 52-week high of $33.80 and a 52-week low of $11.67.

The stock was up 8.38% at $20.78 at time of publication, according to Benzinga Pro.

Photo: courtesy of Nio.