Nio stock surged 11.1% on analyst's bullish rating, citing potential sales boost from Onvo brand

From NASDAQ: 2024-10-28 15:45:53

Nio stock continues to soar, with shares up 11.1% on Monday following a Wall Street analyst’s bullish rating. Macquarie’s Eugene Hsiao upgraded Nio to a buy, citing potential sales boost from the new Onvo brand. The Onvo L60 SUV, priced at $30,000, aims to rival Tesla’s Model Y, sparking investor optimism.

Investors anticipate Nio’s Q3 results and guidance for Q4, expected to include updates on the Onvo brand. Analysts believe the new model could drive sales growth, with potential for Nio shares to rise further. With Nio’s recent success, investors are eyeing future developments and growth opportunities in the EV market.

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Read more at NASDAQ: Why Nio Stock Surged Higher Monday