Why NIO Stock Is Up Today

Why NIO Stock Is Up Today

Shares of Chinese electric-vehicle maker NIO (NYSE: NIO) were trading higher again on Wednesday following an upgrade from a Goldman Sachs analyst. As of 11:30 a.m. EDT, NIO's American depositary shares were up about 10.7% from Tuesday's closing price and up nearly 25% since the company's earnings report on May 28. In a note released late on Tuesday, Goldman Sachs analyst Fei Fang raised his rating on NIO's shares from neutral to buy with a price target of $6.40.