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Shares of Shanghai-based electric vehicle company Nio were on track to open at an all-time high on Monday after the company unveiled its first sedan, prompting a number of Wall Street companies to increase their outlook for the company.
Analysts from Bank of America and Deutsche Bank raised their target price to $ 70, while JPMorgan raised its target price to $ 75 – the highest on the Street. All three have a buy-equivalent rating on the shares.
US-listed shares of Nio rallied 11% in premarket trading on Monday, after the stock closed at a record high on Friday, up nearly 21% over the week.