Analysts at Deutsche Bank provided their preview on NIO Inc. (NYSE:NIO) ahead of Q3 results, and raised their price target on the company’s shares to $70 from $60.

The company is expected to report its earnings on Nov 9 after market close and the analysts expect in-line results. Deliveries were already reported at 24,439 units. The analysts anticipate sales of 9.33 billion RMB and gross margin of 17.0%, leading to EPS of (0.82). For the Q4 outlook, the analysts expect management to guide volume around 24,000-25,000, hurt by the downtime in October, which constrained monthly deliveries to just 3,667. For revenue, they expect guidance to be in the 9.5-10.0 billion range.