In a report released today, Vijay Rakesh from Mizuho Securities maintained a Buy rating on Nio (NIO – Research Report), with a price target of $60.00. The company’s shares closed last Friday at $16.44, close to its 52-week low of $11.67.
According to TipRanks.com, Rakesh is a 5-star analyst with an average return of 21.6% and a 58.9% success rate. Rakesh covers the Technology sector, focusing on stocks such as Credo Technology Group Holding Ltd, Advanced Micro Devices, and Allegro MicroSystems.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for Nio with a $40.61 average price target, a 132.1% upside from current levels. In a report issued on May 16, Bank of America Securities also upgraded the stock to Buy with a $26.00 price target.
Based on Nio’s latest earnings release for the quarter ending December 31, the company reported a quarterly revenue of $9.9 billion and GAAP net loss of $2.11 billion. In comparison, last year the company earned revenue of $6.64 billion and had a GAAP net loss of $1.39 billion.
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Founded in 2014, China-based Nio, Inc. designs, jointly manufactures, and sells smart and connected premium electric vehicles in China, Hong Kong, the U.S., the U.K., and Germany. The company also provides comprehensive value-added services and innovative charging solutions to its users, including Power Home, the home charging solution, Power Swap, the innovative battery swapping service, Power Mobile, the mobile charging service through charging trucks, and Power Express, the 24-hour on-demand pick-up and drop-off charging service.
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