Chinese electric-vehicle maker NIO (NIO Quick QuoteNIO - Free Report) closed up 23% today after a bullish upgrade from JPMorgan analyst Nick Lai. Lai upgraded NIO to overweight from neutral, and raised his price target all the way to $40 from $14.

Lai said that China’s “new energy vehicle penetration” could quadruple by 2025, and he expects NIO to be a long-term winner of this acceleration. Lai also believes there’s “meaningful upside” for the stock at its current valuation despite its year-to-date rally of 560+%.

Citi analyst Jeff Chung upgraded NIO to Buy from Neutral as well citing backlog improvements and optimistic sales volume forecasts.

NIO reports Q3 earnings in early November.

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