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Why Did Nio Stock Jump Today?

TheMotleyFool

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Electric vehicle (EV) maker (NYSE: NIO) has been increasing vehicle sales and approaching profitability. Now, a Wall Street upgrade has the stock surging today.

Analysts at Goldman Sachs upgraded Nio to a "buy" from "hold" and set a price target of $7. At 11:25 a.m. ET, Nio's American depositary shares traded at $4.96 per share, up 3.7%. Goldman's target price is 46% higher than where Nio stock closed on Friday.

Source Fool.com