- Tesla’s success in China is not a “winner takes all” situation, but instead a “rising tides lift all boats” phenomenon, according to JPMorgan.
- That thinking led the bank to upgrade shares of Nio to “overweight” and assign a $40 price target on the stock, representing potential upside of 85% from Tuesday’s close.
- “In China’s smart EV market, we expect Nio to be a long term winner in the premium space among Chinese brands,” JPMorgan said.
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Nio surged 19% on Wednesday after it received an “overweight” upgrade and a $40 price target from JPMorgan, representing upside potential of 85% from Tuesday’s close.
JPMorgan acknowledged that it missed the massive 438% year-to-date rally in shares of Nio, given its previous neutral rating, but said it