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Fly News Breaks for December 31, 2019
NIO
Dec 31, 2019 | 06:08 EDT
BofA analyst Ming Hsun Lee upgraded NIO Inc. to Neutral from Underperform with a price target of $3.80, up from $2.10. The company's launch of a 100kWh battery pack will enhance the cruise range of the ES8 significantly and NIO also announced its third model, the EC6, which will be equipped with with dual motors, noted the analyst, who raised the firm's 2020-21 sales volume forecast by 42% and 23%, respectively. NIO is also showing faster than expected sales channel expansion and stronger brand equity, Lee tells investors.
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