Bank of America says it is time to invest again in shares of Nio, an electric vehicle manufacturer. Ming Hsun Lee analyst upgraded Nio from neutral to buy because of better sales, increased margins and a attractive valuation. Lee said that NIO was attractive for (1) its advantages in smart EV premium segment (2) solid volume sales back to share gain and (3) focus on autonomous, powertrain and charging solution to improve the user experience. Lee also mentioned that there are waning worries about American supply chain recovery and American depositary receipts. ADRs are shares in non-U.S. businesses that trade on U.S. stock exchanges. They have been under increasing scrutiny due to regulatory concerns and delisting. Nio was also affected by Covid-19 lockdowns in China, and there have been concerns about Nio’s potential price increases as raw materials costs rise and supply chain challenges. Lee still likes Nio’s robust product offerings and the fact that they continue to accelerate shipping. Lee also wrote that the wait times for certain models suggest there are “ample orders available.” Bank of America also raised the price target for its shares to $26 per share. This represents an 81.7% increase over Friday’s closing price. Nio shares have fallen nearly 55% since Friday, 2022. — CNBC’s Michael Bloom contributed reporting