'Demand Creator' Rivian Gets Price Target Lift Ahead Of Q2 Print As Analyst Hopeful Of Long-Term Outlook
Portfolio Pulse from Shanthi Rexaline
Needham analyst Chris Pierce has increased the price target for Rivian Automotive, Inc. (NASDAQ:RIVN) from $28 to $31, suggesting a 19% upside from the current levels. This comes ahead of Rivian’s Q2 results and follows another iteration of its electric vehicle OEM used vehicle price tracker. Pierce also compared Rivian to Ford Motor Co.’s (NYSE:F) F-150 Lightning, noting that Rivian performed better in Needham’s weekly check of used vehicle prices. Rivian's stock ended Thursday's session down 4.05% at $26.05.
July 28, 2023 | 9:11 am
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NEGATIVE IMPACT
Ford's F-150 Lightning was compared to Rivian in terms of used vehicle prices, with Rivian performing better in Needham’s weekly check.
The comparison of Ford's F-150 Lightning to Rivian in terms of used vehicle prices, where Rivian performed better, could potentially have a negative impact on Ford's stock price in the short term.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 60
NEUTRAL IMPACT
Tesla was mentioned as a market leader that Rivian is positioning itself as a formidable competitor against.
While Tesla was mentioned as a market leader, the news does not provide any specific information that could impact Tesla's stock price in the short term.
CONFIDENCE 70
IMPORTANCE 50
RELEVANCE 30
POSITIVE IMPACT
Rivian's price target has been increased by Needham analyst Chris Pierce from $28 to $31, suggesting a 19% upside from the current levels. This comes ahead of Rivian’s Q2 results.
The increase in price target by a respected analyst suggests a positive outlook for Rivian's stock. This could potentially drive the stock price up in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100