Nio gains after Goldman Sachs points to 60% upside potential

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• Nio (NYSE:NIO) jumps in early trading after Goldman Sachs moves to a Buy rating on the electric vehicle maker after having a Neutral stance on it.
• The positive vibe from Goldman is based on Nio's (NIO) positioning with the ET7 model in the same class as the Mercedes S-class and BMW 7 series. Looking toward the end of the year, the Nio Day event in December is seen as a potential share price catalyst.
• Goldman Sachs assigns a price target of $56 to rep more than 60% upside. Shares of Nio (NIO) are up 4.87% in premarket action to $35.30.
• Nio landed on Wedbush's Dream Team of EV stocks yesterday.