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Nio Inc - ADR (NYSE: NIO) shares have broken above the $20 level again following positive sell-side commentary Tuesday on the electric vehicle manufacturer. The Nio Analyst: Deutsche Bank Securities analyst Edison Yu reiterated a Buy rating on Nio with a $24 price target. The Nio Takeaways: Compelling evidence exists that consumers are increasingly perceiving Nio as a "high-quality premium brand" with best-in-class technology and service, Yu said in a Tuesday note.Nio's average customer referral rate increased from 52% in 2019 to 62% in the first half of 2020, the analyst said. Recent studies have shown that Nio's favorability among customers is higher than both BMW and Mercedes-Benz, he said -- and that the Chinese EV maker is one of the most reliable battery EVs across all segments based on the number of problems, even ahead of Tesla Inc (NASDAQ: TSLA). Yu said he expects Nio to officially unveil its all-electric sedan, the EE7, later this year, with a revamped hardware sensor suite that will enable level four autonomy by 2022.This should alleviate concerns about the R&D roadmap, the analyst said. As battery electric vehicle adoption increases and word-of-mouth spreads, Nio can take material share in the premium segment as consumers begin to understand the value proposition and quality of its products and services, he said. In the near-term, Deutsche Bank expects record deliveries and margins in the third and fourth quarters thanks to the newly launched EC6 SUV coupe, 100 kilowatt-hour battery pack option and the battery-as-a-service rollout.On Monday, BofA Securities analyst Ming Hsun Lee maintained a Buy rating and $23 price target following the unveiling of Nio's new advanced driver assistance system and other use enhancement strategies at the China Auto Show over the weekend.NIO Price Action: At last check, Nio shares were rallying 10.39% to $20.76. Related Links:Why Nio Has A Shot At Becoming The 'Tesla Of China'Nio Shares Volatile After EV Maker Announces Redemption Of 8.6% Nio China Stake Photo courtesy of Nio. Latest Ratings for NIO DateFirmActionFromTo Sep 2020Deutsche BankInitiates Coverage OnBuy Aug 2020Morgan StanleyUpgradesEqual-WeightOverweight Aug 2020UBSUpgradesSellNeutral View More Analyst Ratings for NIO View the Latest Analyst RatingsSee more from Benzinga * Options Trades For This Crazy Market: Get Benzinga Options to Follow High-Conviction Trade Ideas * Chinese EV Maker Nio To Announce New Rapid Charging Service Friday(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.