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Nio leaps 5% as Nomura initiates coverage of the Chinese EV giant at 'buy'

1 month ago   |   By Business Insider

Summary List Placement Nio stock leaped over 5% on Friday after Nomura initiated coverage of the Chinese EV giant with a "buy" rating and a price target of $80.30.
Nio trades around $61.50 per share, implying a potential 30% price increase if Nomura's predictions are correct.
In the note, Nomura analyst Martin Heung lauded Nio, calling the company the "epitome of a Chinese luxury brand" and the "heir apparent in China's electric vehicle world."
The analyst argued the company's "Tesla-like top-down approach in launching its EV pipeline" would lead to success in China.
Nio started out in the...
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