Nio shares surge as much as 13% after getting a host of bullish Street calls on its new sedan to rival Tesla

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Shares of Shanghai-based electric vehicle company Nio opened at a record high on Monday after the company unveiled its first sedan, prompting a number of Wall Street firms to raise their outlook for the company.

Analysts from Bank of America and Deutsche Bank raised their target on the stock to $70, while JPMorgan lifted its target to $75 — the highest on the Street. All three have a buy-equivalent rating on the stock.

U.S.-listed shares of Nio jumped as much as 13% on Monday shortly after the open, before giving back some of those gains. The stock last traded roughly 8% higher, after closing at a record high on Friday, rising nearly 21% for the week.

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