Citi ups Nio target, opens ’30-day upside catalyst watch’

Citi raised the firm’s price target on Nio (NIO) to $8.60 from $8.10 and keeps a Buy rating on the shares. Citi also opened a “30-day upside catalyst watch” on Nio. The analyst increased estimates for Nio reflect “strong” orders for the L90 and ES8. Catalysts for Nio shares include a pickup in China’s new energy vehicles, order upside, margins moving higher in Q3 and production ramps, the analyst tells investors in a research note.