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

Beijing auto show in 2020
Evelyn Cheng | CNBC

(This story is for CNBC PRO subscribers only.)

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.