Wall Street Predicts NIO Stock Price to Gain Over +130% in the Next 12 Months
The post Wall Street Predicts NIO Stock Price to Gain Over +130% in the Next 12 Months appeared on BitcoinEthereumNews.com.
Key takeaways Nio Inc. (NYSE:NIO) stock surges +11% after Chinese government reveals new economic policy designed to stimulate growth Previoisly, NIO had been in a -89% downtrend since forming its all-time high in 2021, but there is now renewed optimism that NIO could recover in the coming months The CoinCodex price prediction algorithm forecasts a +156% gain for NIO over the next year, which would take the stock back above the $20 price level NIO stock surges after China commits to raising its fiscal debt ratio with new government bonds Nio Inc. (NYSE:NIO) hit a high of $8.11 on 24th October following a +11% rally from the previous day’s low. Nio, a Chinese electric vehicle (EV) manufacturer, has gained in value after Xi Jinping took decisive action in combating China’s recent economic problems. As reported by Nasdaq, Jinping announced that China will issue new government bonds to fuel growth, with the aim of hitting its 5% annual target before the end of the year. NIO earnings reports have shown a loss per share since Q1 2021 Previously, NIO had been in a 2-month downtrend following some positive price action between June and August. During this time, Nio upgraded manufacturing processes for one of its key factories in order to boost productive efficiency. The company was some way short of its annual deliveries target of 250,000 at the time, which caused bearish Wall Street predictions for its Q2 earnings report. After losing -22% of its stock value in the hours after the earnings report was released, NIO gradually retraced to a support level that was formed in June. The recent surge from this price level may indicate that the downtrend is over, as NIO is expected to benefit directly from China’s plan to raise the fiscal debt ratio in a bid…
Filed under: News - @ October 25, 2023 2:12 pm