Niu Technologies jumps after brokerages hike PT

Niu Technologies

24/11/2020 13:09

** Shares of Chinese e-scooter maker  NIU.O  up 7.27% at
$34.8 in premarket trading 
    ** Needham raises PT on stock by $6 to $36, and Piper
Sandler ups by $7 to $38
    ** Piper recommends buying co's stock on Monday's 10%
sell-off and says weakness in Q3 can be attributed to one-time
items that should not recur such as a factory shut-down,
logistical issues at EU ports due to pandemic
    ** Sees co as one of the best positioned to benefit from
changing mobility preferences in the 21st century- Piper   
    ** Needham believes NIU is poised for accelerated unit sales
growth going into FY21, driven by store openings, and average
selling price recovery backed by international market demand and
a stabilized product mix
    ** Co on Monday posted Q3 rev below analysts est.
 urn:newsml:reuters.com:*:nL4N2I92D0
    ** All 6 brokerages rate the stock "buy" or higher; median
PT is $37- Refinitiv Data
    ** Up to Monday's close, stock had risen ~280% YTD

 (Reporting by Amal S in Bengaluru)
 ((Amal.S@thomsonreuters.com; within U.S.+1 646 223 8780;
outside U.S. +91 80 6749 3677;))