NIO Inc. (NYSE:NIO) saw its share prices jump to a nearly one-year high on Tuesday after an investment firm turned bullish on the company, causing a nearly 8.17 percent increase to close at $7.02 apiece. UBS upgraded NIO to “buy” from “neutral” and raised its price target to $8.5, citing confidence in the company’s performance and recent $1 billion share sale. UBS expects NIO to close its valuation gap with XPeng Inc. by booking a 50 percent growth in revenues supported by a richer product mix.

Read more at Yahoo Finance: NIO Inc. (NIO) Nearly Hits New High as Analyst Sets Higher Price, Rating