Nio, Inc (NYSE:NIO) surged almost 8% higher on Monday morning before being pressured down by the general market, which saw the S&P 500 struggling to trade flat to Friday’s closing price.
The morning surge took place after BofA Securities analyst Ming Hsun Lee upgraded the stock from Neutral to a Buy rating and bumped the price target from $25 to $26. Lee expects the China-based electric vehicle manufacturer to see stronger sales during the third and fourth quarters of 2022, with improvements in its supply chain likely to happen over the coming weeks.
