NIO Rallying Remarks After Constructive Researcher

NIO Limited NIO stock price at https://www.webull.com/quote/nyse-nio increased over eight percent at the session Wednesday after Citi raising the price target from $ 33.20 to $ 46.40. This was attributed to the large backlog of order with high margin visibility that would improve gross processing margins and raise demand margins. Citi analyst Jeff Chung affirmed his optimistic opinion of this strong backlog of contracts and margin visibility. The move follows similar changes in the rates of Lordstown Motor Corp. (RIDE) and 5% for Li Auto Inc. (LI) during the session, as the presidential election results begin to occur.
Price target
Technically speaking, during the Wednesday session the NIO inventory hit new highs. With an 80.88 reading of the relative strength index (RSI), however, the moving average convergence divergence (MACd) has started to grow deeper into over-bought territory. These metrics indicate that a restructuring could take place until the stock began …