Investing.com– Chinese language language electrical automobile maker NIO Inc (HK:) rose sharply in Hong Kong commerce on Tuesday after Macquarie upgraded the stock, citing improved expectations for the company’s upcoming earnings.
NIO rose 12.2% to HK$46.60, monitoring a ten.5% in a single day rally in its American Depository Receipts (NYSE:).
Macquarie upgraded the stock to Outperform from Neutral, whereas mountaineering its purpose worth to HK$65 from HK$52.
Macquarie talked about it anticipated sturdy third-quarter earnings from the company, and likewise anticipated Nio to place up sturdy steering for the fourth quarter on a pick-up in product sales volumes.
Elevated product sales have been pushed by the launch of Nio’s new mass market model, the ONVO L60, earlier this 12 months. Deliveries of the model, which is geared towards competing with Tesla Inc’s (NASDAQ:) Model Y, began in September.
Nio clocked record-high deliveries inside the September quarter, at 61,855 cars provided, no matter persistent rivals amid an ongoing worth warfare in Chinese language language markets.
