Bank of America raised on Monday its price target on the US-listed shares of Nio to $7.60 from $7.10.
The move, which follows Nio’s annual ‘Nio Day’ event, is BofA’s second price target increase for the stock this month, though it kept a ‘Neutral’ rating.
The new target implies an upside of just over 3% from Friday’s close at $7.37.
Nio shares have more than doubled over the past three months, surging 116% to the highest level in nearly a year, driven by strong demand for two newly launched three-row SUVs.
The Onvo L90 (launched on July 31) and the Nio ES8 (launched on Saturday) that generated higher-than-expected orders, though the company has not disclosed official figures.
Orders for Nio’s third-generation ES8 SUV have already exceeded the company’s 40,000-unit production capacity for this year, Chinese outlet LatePost reported on Monday, citing an internal source.
A separate 36-hour report published by local industry platform CarFansChina reported that total ES8 lock-in orders may have reached 47,000 to 50,000.
BofA analyst Ming Hsun Lee noted in a research report that Nio has now built 3,500 battery swap stations and connected 20 major highways and 16 city clusters in China with its network.
The EV maker aims to deliver about 440,000 vehicles across its three brands this year and sharply increase its quarterly sales to 150,000 units in the October-December period.
The bank previously lifted its target to $7.10 from $5.00 on September 3, a day after Nio reported second-quarter earnings, citing a stronger model pipeline and raising its 2025–27 volume sales forecasts by 9%, 19% and 21%.
At that time, BofA said narrowing losses were already priced into the stock.
In contrast, Lee cut the target to $4.30 from $4.90 back in June, immediately after Nio’s first-quarter results.
