More gains for NIO after Morgan Stanley upgrades to Overweight

• The investment from the Hefei government "not only removes funding risk but also advances Nio's (NYSE:NIO) vehicle profitability and cash flow," says analyst Tim Hsiao, upgrading to Overweight from Equalweight.
• He lifts his price target to $20.50 from $12 - that's a curiously small upside after Nio rallied 19.2% yesterday to $17.84. It's up another 6.3% premarket to $18.96.
• Hsiao calls Nio a "growth stock with long-term value unfolding amid recent operational progress."

Nio - Morgan Stanley seeing just 15% upside?