Piper Jaffray analyst Alexander Potter maintained a Neutral rating in NIO Inc. but raised his price target on the shares to $4.15 from $2.20, noting that shares are higher by over 80% intraday trading following the company's third quarter results. Potter said that while it's not as though management definitively addressed the company's solvency problem, general optimism on this topic, along with higher deliveries and "aggressive" cost-cutting," were apparently enough to drive short covering. The analyst added that until financing is secured, and until the cost structure has been "right-sized," it will continue to be nearly impossible to "rigorously" defend his forecast. In a period of "extreme volatility," it is difficult to recommend taking any position on the stock, Potter contends.