Chinese electric carmaker NIO’s (NIO) stock was soaring on Tuesday for the fifth consecutive session. At 11:23 AM ET, NIO was trading with solid 12.2% gains for the day at $10.10. Let’s find out whether Wall Street analysts still think it’s a “buy.”
Wall Street analysts on NIO
According to the latest Wall Street consensus data compiled by Thomson Reuters, 40% of analysts covering NIO stock recommend a “buy.” 50% recommend a “hold” while the remaining 10% rated the stock a “sell.”
Interestingly, the recent rally in NIO stock has driven its price much higher than analysts’ consensus target price for the next 12 months. Analysts’ consensus target price on NIO stock as of February 25 was $8.18, which was already about 19.0% lower than the market price of $10.10 as of 11:23 AM ET today.
After the recent buying spree in NIO stock, Wall Street analysts might update their targets on the stock in the coming few days. However, some analysts might remain cautious about the stock before analyzing its fourth-quarter of 2018 results, which the company is set to release on March 5.
See Is NIO Stock Readying for a Rally ahead of Its Q4 Results? to learn what investors could expect from its fourth-quarter earnings report.
As of yesterday’s closing price, NIO stock was up 41.3% year-to-date, compared to a 10.2% loss in Tesla (TSLA). Other Chinese companies Alibaba (BABA), Tencent Holdings (TCEHY), Baidu (BIDU), Huya (HUYA), Bilibili (BILI), and Tencent Music (TME) have risen 33.7%, 11.9%, 4.0%, 60.7%, 38.9%, and 41.8%, respectively, while Uxin (UXIN) has lost 3.3%.