Rivian Automotive Posts Strong Q2 Production; Analysts Optimistic About Future Targets
Portfolio Pulse from Priya Nigam
Rivian Automotive Inc (NASDAQ:RIVN) reported strong Q2 production and delivery figures, exceeding Street estimates by 10% and 12% respectively. The company reiterated its production target of 50,000 for fiscal 2023. Analysts from Truist Securities, Canaccord Genuity, and Cantor Fitzgerald maintained positive ratings and price targets for RIVN. The company's shares rose by 1.43% to $19.84.
July 05, 2023 | 4:07 pm
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POSITIVE IMPACT
Rivian's strong Q2 production and delivery figures, along with positive analyst ratings, led to a 1.43% increase in its share price.
Rivian's Q2 production and delivery figures exceeded Street estimates, which is a positive signal for investors. This, coupled with the company's reiteration of its production target for fiscal 2023 and positive ratings from analysts, likely contributed to the increase in its share price.
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IMPORTANCE 80
RELEVANCE 100