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Bank of America's reign as the biggest Nio bull on Wall Street lasted a mere matter of hours.
On Wednesday morning the firm more than doubled its price target on U.S.-listed shares of the Shanghai-based electric vehicle maker, lifting its forecast from $23 to $54.70. Deutsche Bank and JPMorgan also raised their targets on the stock Wednesday morning, with each firm boosting its forecast to $50.
But come Wednesday afternoon, Credit Suisse jumped on the bandwagon, more than doubling its target to a new Street high of $60. The firm's prior target was $25.
The four price target hikes for the stock, which has gained more than 1,000% this year, follow Nio's third-quarter results.
