Citi analyst Jeff Chung on Tuesday raised his price target on Nio to $8.60 from $8.10 while keeping a Buy rating, and added the Chinese electric vehicle maker to the bank’s 30-day upside catalyst watch.
On the Hong Kong-listed shares, Chung also raised the target price to HK$65.90 (from HK$62.50) while maintaining a Buy rating.
The move makes Citi the fourth Wall Street firm to lift its target on Nio in the past 48 hours after the company unveiled its third-generation ES8 with a significantly lower starting price at its annual event in Hangzhou over the weekend.
Chung had reaffirmed his $8.10 target earlier this month following the company’s second-quarter results.
Three weeks later, Citi has now increased its target by 6.2% to $8.60.
As reported earlier this Tuesday, also Mizuho Securities’ Vijay Rakesh raised his target.
Mizuho lifted it to $7 from $6 while maintaining a Neutral rating on the stock, while Japan’s Nomura hiked its target by 68% to $8.40 from $5, also at Neutral.
Bank of America, which lifted its target to $7.60 from $7.10 on Monday, maintained a Neutral stance as well.
Nio’s US-listed shares were up 3% at $7.11 as of press time, after dropping 6.2% on Monday to close at $6.90.
Shares have gained 103% in the past three months and are up 63% year-to-date, though they remain nearly 20% higher from a year ago.
Adding to signs of demand, Nio on Tuesday began displaying delivery wait times for the ES8 of 24 to 26 weeks. Orders placed today are expected to be delivered in roughly six months, March 2026.
Weekly insurance registration data also showed the company sold 6,670 vehicles across its three brands between Sept. 15 and 21, up 8.1% from the previous week.
