Nio (NIO) Stock: BofA Reiterates Buy After Record Q3 Deliveries, Analyst Sees Over 70% Upside

October 1, 2021 9:41 AM EDT
Get Alerts NIO Hot Sheet
Price: $24.87 -9.07%

Rating Summary:
    20 Buy, 4 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 24 | Down: 13 | New: 20
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Shares of Nio (NYSE: NIO) are up over 2% in today’s trading session after the company delivered strong delivery numbers for September.

Nio reported 10,628 vehicles globally in September 2021, which is a new record high that marks 125.7% YoY growth. Nio delivered 1,978 ES8s, 5,260 ES6s, 3,390 EC6s to push the total Q3 deliveries number to 24,439.

BofA analyst Ming Hsun Lee reiterated a Buy rating and a $62.00 per share price objective.

“We maintain our Buy rating, given solid volume sales/model pipeline, and the company’s focus on autonomous driving, powertrain, and charging solutions to enhance user experience,” Hsun Lee said in a client note.

Shares of Nio are down over 32% YTD.

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