- Deutsche Bank lifted its profit and sales forecasts for Chinese electric car manufacturer Nio on Tuesday, citing the company’s promising move into the premium autos sector.
- In a note probing whether Nio can be “the next iconic auto brand,” analysts led by Edison Yu cited growing favorability in the expanding Chinese market.
- One recent study found Nio boasts higher odds of customer referral in the country than Tesla, BMW, and Mercedes Benz.
- Deutsche Bank reiterated its “buy” rating and $24 target price for Nio shares. The target implies a 28% leap from Monday’s closing level over the next 12 months.
- Watch Nio trade live here.
Nio may not have the intense following enjoyed by industry leader Tesla, but Deutsche Bank thinks the electric car manufacturer can quickly dominate the expanding Chinese market.
In a Tuesday note delving into whether the company can become “the next