Morgan Stanley upgrades Nio, says electric car stock could jump another 15%

The NIO Inc. ES6 electric sport utility vehicle (SUV) stands on display at the Auto Shanghai 2019 show in Shanghai, China, on Tuesday, April 16, 2019.
Qilai Shen | Bloomberg | Getty Images

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Morgan Stanley is growing increasingly bullish on Chinese electric vehicle company Nio, upgrading the stock to overweight from neutral and saying it could rise another 15%.  

 Morgan Stanley was already bullish about the company's partnership with Chinese city Hefei, announced in April, but other parts of the business are showing progress quicker than expected. The stock climbed 4% in premarket trading on the new note and finished the day up more than 14%.