Wall Street Predicts Nio Stock Price for Next 12 Months
Nio Stock Price Prediction: Shifting Sentiment and New Onvo Brand Driving Gains
In a trend that has become spread across the EV maker industry, NIO stock has seen its value decline gradually since the beginning of 2024 by 37%, only for the sentiment to shift in the last month, with NIO shares gaining almost 40% value, causing Wall Street to rethink their price targets again, and perhaps offer a glimmer of hope.
Nio launches its brand Onvo
What could further drive the gains of Nio stock is the recent announcement of a new affordable brand, Onvo, in the electric vehicle market. Onvo targets competition against Tesla and Toyota. The first car from Onvo, the L60 SUV, starts at $30,500 for the 60 kWh model, aiming to rival Tesla's Model Y and Toyota's RAV4.
Wall Street's forecast for NIO stock
On Wall Street, Nio's recent strong performance and innovations have prompted analysts at TipRanks to award this stock a 'moderate buy' rating. The price target is $6.63, indicating a 24.39% upside from its current level. Of 17 examiners, seven advised to 'buy,' 9 to 'hold,' and only one to 'sell' NIO stock.
Deliveries are slated to begin in September in an attempt to bolster Nio's future outlook for production and deliveries.
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