https://wccftech.com/nio-shares-cross-the-30-mark-and-register-a-new-all-time-high-on-the-back-of-a-ferocious-bullish-wave/

NIO (NYSE:NIO) shares are benefiting from an epic bullish wave currently, registering a new all-time high in the process. While the broader euphoria in the stock market today, spurred by stellar U.S. Q3 GDP numbers, has been acting as a tailwind, the stock is also benefiting from a host of bullish indigenous factors.

NIO shares had last crested their zenith on the 16th of October when the stock ran as high as $29.40 before closing at a record $28.48. That rally had been spurred by JP Morgan significantly upgrading NIO’s stock price target. As per the details, JP Morgan (NYSE:JPM) analyst, Nick Lai, set a new June 2021 price target of $40 per share on the 14th of October. The Wall Street behemoth had based this price target for NIO shares on a 3.0x Enterprise Value (EV)-to-Sales estimate for the year 2025. Crucially, JP Morgan had noted that NIO would be able to capture 7 percent of the cumulative EV market and a whopping 30 percent of the premium EV segment by 2025.