With about a week to go before Nio reports its first-quarter earnings, analysts are starting to issue upbeat outlooks.

In a research note on Monday, Mizuho Securities analyst Vijay Rakesh reiterated a buy rating and a $60 price target on the electric car company.

Nio closed up 1.91 percent to $36.78 on Monday, which means the company has a 63 percent upside according to Mizuho Securities' estimates.

Last week, William Li, founder, chairman, and CEO of Nio, said that the company's current production capacity is 400 units per day and could reach 10,000 units per month based on 25 working days per month.

But the supply chain, including chips and batteries, is now under pressure to produce 7,500 units per month, Li said.

Li predicted that the chip shortage will ease in the third quarter, and the shortage of 100-degree battery pack capacity is expected to ease in June and July.