NIO Inc (NYSE:NIO) shares are trading higher Monday following bullish analyst coverage from BofA Securities.
BofA Securities analyst Ming Hsun Lee upgraded Nio from a Neutral rating to a Buy rating and raised the price target from $25 to $26, citing expectations for stronger sales in the second half of 2022.
According to reports, Nio has delivered its 500th vehicle in Norway about one year after the company began selling vehicles in the country. Nio reportedly aims to expand into Denmark, Germany, Netherlands and Sweden following a successful first year in Norway.
Related Link: Nio Delivers 500th Vehicle In Norway A Year Into Launch
In other news, China reported a worse-than-expected decline in retail sales and industrial production in April as a result of lingering Covid concerns, which led to extended lockdowns in the country. However, Shanghai has reportedly initiated a phased return to business operations.
NIO 52-Week Range: $11.67 - $55.13
The stock was up 3.84% at $14.86 at press time, according to data from Benzinga Pro.
Photo: courtesy of Nio.
