Employees perform checks on an inspection line during a media tour of Nio Inc.’s manufacturing facility in Hefei, Anhui Province, China on Friday, December 4, 2020.
Qilai Shen | Bloomberg | Getty Images
Shanghai-based electric vehicle company Nio rose more than 5% on Friday after Nomura became the youngest Wall Street company to issue a positive call for shares.
The company launched coverage of Nio with a buy rating, saying it was the “heir to China’s EV world” and noted the company’s “Tesla-like top-down approach to launching its EV pipeline”.
Nomura’s price target of $ 80.30 on the stock, which is roughly 38% above its closing price on Thursday, makes the company one of the biggest bulls on the road. FactSet estimates that the average street target on Nio is north of $ 60.