Electric vehicle firm NIO’s (NYSE: NIO) share price is rising on Thursday after a Mizuho analyst started coverage on the company with a Buy rating.
NIO’s share price rose over 6% after the open on Wall Street. They are currently up 5.20% at $43.47 per share.
Mizuho analyst Vijay Rakesh set a price target of $60 for the company, representing a 45% upside potential from Wednesday close.
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“NIO is a leader and innovator in the premium automotive EV segment; it is domiciled in China, the largest and most prolific EV market globally,” wrote Rakesh.
“NIO has a key differentiation from peers: a premium EV offering with a lower cost of ownership through its novel Battery-as-a-Service battery swap module,” he added.
Out of 11 Wall Street analysts surveyed by TipRanks, eight have set a buy rating on the stock with the average price target set at $64.67 and the highest target being $81 per share, a 49% increase on its current price.