Nio’s stock jumps toward a record after J.P. Morgan nearly triples its price target

Nio’s stock jumps toward a record after J.P. Morgan nearly triples its price target

Shares of Nio Inc. nio shot up 9.8% toward a record high in premarket trading Wednesday, after a bullish call on the China-based electric vehicle maker from J.P. Morgan. The stock was on track to open above the Oct. 12 record close of $21.85, and above the all-time intraday high of $22.59 reached on Sept. 30. J.P. Morgan said it now rates Nio at overweight, reportedly an upgrade from the previous rating of neutral, while the stock price target was nearly tripled to $40 from $14.

That would make J.P. Morgan’s analyst the most bullish of the 15 analysts surveyed by FactSet. The new target is 85% above Tuesday’s closing price of $21.62. The stock has skyrocketed more than fivefold (up 437.8%) year to date through Tuesday, while shares of rival Tesla Inc. tsla have soared 433.9% and the S&P 500 spx has gained 8.7%.

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