Citi sees good things coming for NIO stock—soon.

Analyst Jeff Chung put a 30-day positive “catalyst watch” on shares of Chinese electric vehicle maker NIO on Sunday. Catalyst watches can be positive or negative, and Citi uses them when they see something coming that will move shares in the near term.

In the case of NIO, Chung sees second-quarter shipments rising 50%-plus compared with the first quarter due to the strength of new product offerings.

NIO delivered about 42,000 cars in the first quarter, so Chung believes at least 63,000 is likely. That would be the best quarter in the company’s history.

“After [the] Shanghai auto show, we expect NIO to launch new models much earlier than consensus expected,” wrote Chung. He sees 10 new models launched before the end of the year. In addition, NIO is launching new driver-assistance features in May and is working on reducing costs.

NIO’s U.S.-listed American depository receipts (ADRs) were up 6.1% in early trading at $4.28, while the S&P 500 and Dow Jones Industrial Average were up 0.2% and 0.5%, respectively. Coming into Monday trading, NIO’s ADRs were down about 8% year to date.

Chung rates NIO stock Buy and has a $8.10 target price for the ADRs.

Overall, 43% of analysts covering NIO stock have Buy ratings, according to FactSet. The average Buy-rating ratio for stocks in the S&P 500 is about 55%. The average analyst price target for NIO ADRs is about $5.30.

Analyst sentiment has been weakening lately. In October, almost 70% of analysts rated shares Buy. Chinese EV competition has been fierce lately, with many new models battling for market share.