NIO Inc (NYSE: NIO) is trading higher Thursday morning after Goldman Sachs analyst Fei Fang upgraded the stock from a Neutral rating to a Buy rating and announced a $56 price target.
The Goldman Sachs analyst cited the potential of NIO's ET7 as a reason for the upgrade. Fang sees 65% upside from current levels.
NIO is also trading higher with other Chinese stocks following positive comments on a U.S.-China meeting from a Beijing diplomat. The Chinese government described the meeting as "constructive."
NIO operates in China's premium electric vehicle market. The company designs and jointly manufactures, and sells smart and connected premium electric vehicles, driving innovations in next-generation technologies in connectivity, autonomous driving, and artificial intelligence.
NIO Price Action: NIO has traded as high as $66.99 and as low as $20.60 over a 52-week period.
The stock was up 5.76% at $35.59 at time of publication.
Photo: courtesy of NIO.
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