Nio : Shares Jump After JPMorgan Sets New Price Target

By Micah Maidenberg

Shares of Chinese electric-vehicle company Nio Inc. shot up in morning trading in New York after analysts at JPMorgan & Chase Co. set a $40 valuation for them.

American depository receipts for Nio rose 16.8% to $25.24, according to FactSet.

JPMorgan boosted its price target for the shares to $40 from $14, according to an equity research note dated Oct. 14. Analysts at the bank have an overweight rating on the company.

Nio said earlier this month that it delivered 12,206 vehicles in the third quarter. That amount more than doubled deliveries for the same period last year and exceeded the high end of company's forecast for the quarter.

In September, Nio said it completed an offering of about 102 million American depository receipts at $17 a share.

Write to Micah Maidenberg at [e-mail]

(END) Dow Jones Newswires

10-14-20 1047ET