JPMorgan analyst Nick Lai raised the firm’s price target on NIO Inc. to $46 from $40 and keeps an Overweight rating on the shares. The stock closed Friday down 72c to $41.63. Nio will be a long-term winner in the premium electric vehicle space, with 30% market share by 2025, Lai tells investors in a research note. The analyst believes a higher valuation can be justified as Nio is “leading the transformation of its business model in China’s smart EV market.”