UBS analyst Joseph Spak has upgraded Rivian Automotive Inc (NASDAQ:RIVN) from a Neutral rating to a Buy rating and lowered its price target from $26 to $24. This follows Rivian's recent capital raise which led to near-term weakness but positioned the company for greater upside. Rivian shares are down about 20% since the company announced a $1.5 billion convertible debt offering. UBS sees a reduced probability of an additional capital raise over the next year. Rivian is expected to produce approximately 54,500 vehicles this year and could raise estimates when it reports earnings on Nov. 7.