Rivian Is Nailing The Three Big Questions In EV Market: Analyst
Portfolio Pulse from Shivani Kumaresan
Needham analyst Chris Pierce reiterated a Buy rating on Rivian Automotive Inc (RIVN) with a price target of $31.00. The analyst believes RIVN is successfully addressing key questions in the EV market regarding vehicle demand, manufacturing scale, and cost leverage. Data from Cargurus supports a strong used market for RIVN, and the company has a significant reservation backlog through 2024. Despite the positive outlook, RIVN shares are trading lower by 2.6% at $19.79.
August 24, 2023 | 5:51 pm
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Rivian's strong used market and significant reservation backlog through 2024 indicate a positive outlook. However, despite the Buy rating and $31 price target from Needham analyst, RIVN shares are trading lower by 2.6% at $19.79.
The analyst's positive outlook and Buy rating indicate a strong future for Rivian. However, the current decrease in share price suggests that the market may not fully agree with this assessment in the short term. The discrepancy could be due to a variety of factors not mentioned in the article, such as broader market trends or specific investor concerns.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100