(Photo by Lintao Zhang/Getty Images) Getty ImagesStock in Shanghai-based Nio, a maker of premium electric vehicles, has soared in 2020. I see three reasons that trend could continue:Soaring salesExpectations-beating resultsHigh product qualityWednesday 26% PopNio stock popped on October 14 — up 26% — due to a bullish report from JP Morgan. According to Barron’s, analyst Nick Lai upgraded Nio stock from Hold to Buy with a price target of $40 — nearly twice where the stock traded before Lai’s Buy recommendation. As of October 14, Nio stock had risen 612% — well-ahead of Tesla’s 375% rise. Nio forecast revenue between 4.05 billion yuan and 4.21 billion yuan ($606.68 million) for the third quarter — well ahead of Refinitiv’s analyst consensus of 3.53 billion yuan.

Source: Forbes October 15, 2020 11:37 UTC