Shares of NIO are trading sharply higher after China International Capital Corporation (CICC) upgraded its price target on the stock by 23%, providing a significant boost in confidence following the prior day's news.
- CICC raised its price target for NIO's US-listed shares to $8.00, citing the strong competitiveness of the newly pre-launched flagship SUV, the ES9.
- The analyst upgrade marks a sharp reversal in sentiment from the previous session, where the stock fell 4.86% following the ES9's debut, as investors initially reacted to an aggressive pricing strategy.
- The ES9 was unveiled on April 9, with pre-sales opening immediately for the full-size, six-seat electric SUV, which is positioned as the company's most advanced model.