Nio is the ‘heir apparent’ in China’s EV world, says Nomura. Sees nearly 40% upside aheadNo ratings yet.

Nio is the ‘heir apparent’ in China’s EV world, says Nomura. Sees nearly 40% upside ahead
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Shanghai-based electric vehicle company Nio jumped more than 5% on Friday after Nomura became the latest Wall Street firm to issue a positive call on the stock.

The firm initiated coverage on Nio with a buy rating, saying it’s the “heir apparent in China’s EV world” and noting the company’s “Tesla-like top-down approach in launching its EV pipeline.”

Nomura’s $80.30 price target on the stock, which is roughly 38% above where shares closed on Thursday, makes the firm one of the Street’s biggest bulls. The average Street target on Nio is just north of $60, according to estimates from FactSet.

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