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Investing.com-- NIO Inc (HK:9866) rose in Hong Kong trade on Wednesday after Citi analysts hiked the company’s price target and added the Chinese electric vehicle maker to the brokerage’s 30-day upside catalyst watch.
Nio shares rose 3.5% to HK$55.70, compared to a 0.9% rise in the Hang Seng index.
Citi on Tuesday hiked Nio’s HK share price target to HK$65.90 from HK$62.50, and maintained its Buy rating on the stock.
The brokerage added the firm to its 30-day upside catalyst watch, indicating that Citi expects Nio shares to rise rapidly in the near-term.
Citi was the latest brokerage to flag a positive outlook on Nio, after the EV maker unveiled its third-generation ES8 at a much lower-than-expected starting price during a weekend event. Mizuho, Bank of America, and Nomura also hiked their targets on Nio, although they reiterated their Neutral stances on the firm.
Citi lauded Nio’s strong sales performance, especially for its battery EV models. The brokerage said that aggressive pricing is expected to further lift sales in the coming years.
Nio’s shares had fallen sharply earlier this week on concerns over the low pricing of its updated ES8 model, which could further hurt the company’s margins amid a bitter price war between Chinese EV makers.
The company’s second-quarter earnings also missed expectations, with the company clocking a wider than expected loss.