Chinese electric vehicle maker Nio should see sales growth accelerate in the near- and long-term, giving its stock upside of more than 50%, according to Citi.
Nio’s shares have struggled in 2021, along with other stocks tied to the electric vehicle industry. The company’s U.S.-traded shares have slipped more than 20% year to date.
Citi analyst Jeff Chung upgraded the stock to buy from neutral, saying in a note to clients on Tuesday that the company should see demand gain steam in the coming months, making that weakness in trading a buying opportunity.
By Jesse Pound