NIO-SW (09866) shares surged 5.54% in early trading on Tuesday, following Citi's issuance of a 30-day positive "catalyst watch" on the Chinese electric vehicle maker. The bullish outlook is driven by expectations of robust second-quarter shipments and an accelerated product launch timeline.
Citi analyst Jeff Chung anticipates NIO's Q2 deliveries to exceed 63,000 vehicles, marking a 50% increase from the previous quarter and potentially setting a new company record. This optimistic forecast is attributed to the strength of NIO's new product offerings and the company's aggressive expansion plans.
Adding to the positive sentiment, Chung revealed that NIO is expected to launch up to 10 new models before the end of the year, significantly earlier than market consensus. Furthermore, the company plans to introduce new driver-assistance features in May and is actively working on cost reduction strategies. These factors have contributed to Citi maintaining a "Buy" rating on NIO stock with a price target of $8.10 for its American depository receipts (ADRs).
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