Piper Sandler increased NIO’s stock price target to $14 (4.8% upside potential) from $4 and reiterated a Hold rating, saying that the electric car maker reported “generally solid” 2Q results.Piper Sandler analyst Alexander Potter wrote in an investor note on Wednesday that NIO (NIO) “has a chance to earn the Tesla of China moniker” adding that “none of the newly-emerging electric vehicle companies, except Tesla (TSLA), can match NIO's track record". Potter noted that, “the company may attempt to internalize core capabilities over time due to over-reliance on partners".On Aug. 11, NIO reported that 2Q revenues jumped 146.5% to RMB 3,719 million year-on-year, beating analysts’ expectations of RMB 3,182 million. The company’s top-line results mainly benefited from an almost three-fold jump in vehicle deliveries. During the quarter, the electric car maker shipped 10,331 units compared to the 3,553 units it delivered in the year-ago quarter.Currently, Wall Street analysts are sidelined on the stock. The Hold consensus is based on 3 Holds, 2 Buys and 2 Sells. Following this year’s 232% rally, the average price target of $10.28 implies downside potential of 23.1%. (See NIO stock analysis on TipRanks).Related Links: Deutsche Bank Cuts Micron To Hold Amid Lower Memory Pricing Bet Lyft On Track To Hit Profitability Goal By 2021 Despite 61% Sales Hit Gabelli Cuts Zoetis To Hold On Valuation More recent articles from Smarter Analyst: * Morgan Stanley Lifts Ferrari’s PT To ‘Street High’ * Etsy vs Wayfair: Which E-commerce Stock Looks Better? * Argentina, Mexico To Produce AstraZeneca’s Covid-19 Vaccine Candidate * Facebook, Snap Held Talks To Buy TikTok Rival Dubsmash - Report
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