In a report released today, Vijay Rakesh from Mizuho Securities initiated coverage with a Buy rating on Nio (NIO – Research Report) and a price target of $60.00. The company’s shares closed last Wednesday at $41.32.
According to TipRanks.com, Rakesh is a top 100 analyst with an average return of 26.4% and a 68.7% success rate. Rakesh covers the Technology sector, focusing on stocks such as Advanced Micro Devices, Allegro MicroSystems, and Skyworks Solutions.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Nio with a $64.67 average price target, implying a 48.7% upside from current levels. In a report issued on March 2, J.P. Morgan also maintained a Buy rating on the stock with a $70.00 price target.
Nio’s market cap is currently $64.46B and has a P/E ratio of -69.10. The company has a Price to Book ratio of 14.39.
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NIO, Inc. (China) is a holding company, which engages in the design, manufacture, and sale of electric vehicles, driving innovations in next generation technologies in connectivity, autonomous driving and artificial intelligence. Its products include EP9 supercar and ES8 7-seater SUV. The company provides users with home charging, and power express valet service and other power solutions including access to public charging, access to power mobile charging trucks, and battery swapping. It also offers other value-added services such as service package, battery payment arrangement, and vehicle financing and license plate registration. The company was founded by Li Bin and Qin Li Hong in November 2014 and is headquartered in Jiading, China.