Wall Street forecasts 70% upside for Nio stock in a year

Nio (NYSE: NIO) stock has had a tough year, having dropped nearly 35% on the year-to-date chart (YTD) as of October 20. Nonetheless, analysts remain optimistic. The shares closed at $3.39 in the latest trading session, down 1.17% from the previous close and underperforming the broader market, as the S&P 500 gained 0.41%. Continued pressure picked up the pace most drastically over the past month, with shares declining 6.28% and leaving investors puzzled ahead of the upcoming earnings report scheduled for late November. That said, though, Wall Street still forecasts 70% upside for the Chinese electric vehicle ( EV ) manufacturer, judging by their average 12-month Nio stock price target of $5.84, per TipRanks calculations .

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