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Nio Stock Rallies After Being Named “Catalyst Call: Buy” By Investing.com



© Reuters

By Sam Boughedda

Investing.com — Chinese electric vehicle maker Nio Inc (NYSE:) has seen its shares rise over 4% after Deutsche Bank launched a short-term “catalyst call: Buy” on the stock. 

Analyst Edison Yu told investors that the stock has underperformed the majority of its closest peers for the past three months and that it is “getting ready to catch up going into year-end.”

Yu put Nio’s underperformance down to its semiconductor chip struggles and lack of new products. However, the analyst says this will change with the company’s new flagship ET7 sedan and the launch of new products at Nio Day. 

The analyst kept a buy rating and a $70 price target on the shares. Nio’s stock is currently trading around the $43.21 mark.  

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