Robust demand momentum and increased production continue to propel NIO (NYSE:NIO) higher. Additionally, pre-order numbers for its new ET5 sedan look encouraging while analysts remain gung ho about the stock.
Importantly, even amid the market carnage yesterday, NIO remained undeterred and stayed in the green!
What Is a Good Price for NIO Stock?
The stock has now scored six Buys in the last seven days and the consensus rating remains a Strong Buy. The average analyst price target of $31.84 indicates a 44.92% potential upside. This is after a nearly 27% price gain in the past five days.
Further, Morgan Stanley’s Tim Hsiao who has a Buy on NIO feels the company’s Q4 outlook is promising.
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