Weilai's share price soared 23%, JP Morgan Chase raised its forecast to $40

 The share price of Weilai Automobile (NYSE: NIO) reached an all-time high on October 14th, U.S. time, with a closing price of $26.5 that day, a surge of 22.57% from the previous trading day. Compared with the low of $2.21 in March this year, Weilai's stock price has risen nearly 11 times in seven months.

　　 The market is bullish is the direct cause of the soaring share price of NIO. JP Morgan Chase upgraded Weilai’s rating from “Neutral” to “Overweight” on October 14 and also raised its stock price forecast from US$14 to US$40. JPMorgan Chase said that Weilai's stock could reach its target price in June 2021. Citibank also raised the rating of Weilai Auto to "overweight" on the 14th, and at the same time raised its target price from $18.1 to $33.2.