Wall Street has a new biggest Nio bull as Bank of America doubles price target

Citron founder Andrew Left, known for some big short calls, recommended Nio shares, now worth $45 each, at $7 two years ago. Now he is short the name and says of the recent gains in multiple EV makers, "The fact is that retail investors take everything to be the next Tesla."
Evelyn Cheng | CNBC

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There's a new biggest Nio bull on the Street.

Bank of America more than doubled its price target on U.S.-listed shares of the China-based electric vehicle maker — from $23 to a Street high of $54.70 — on Wednesday based on the company's potential market share gain, as well as its growth in overseas markets.

Deutsche Bank and JPMorgan also hiked their target on the stock on Wednesday, both going to $50 from prior targets of $34 and $46, respectively.