Nio, a Chinese electric car manufacturer, has seen its shares climb more than 4% after Deutsche Bank issued a short-term "catalyst call: Buy" on the stock.
Analyst Edison Yu told investors that the company has underperformed the bulk of its rivals over the last three months and is "getting ready to catch up going into year-end."
Yu attributed Nio's poor performance on semiconductor chip issues and a lack of new goods. However, the analyst believes that this will change with the introduction of the company's new flagship ET7 sedan and the introduction of new items during Nio Day.
The analyst maintained a buy rating on the stock and set a price objective of $70. Nio's stock is now trading at about $43.21.