Rivian Stock Jump-Starts With Analyst Upgrade After The Bell
Portfolio Pulse from Adam Eckert
Rivian Automotive Inc (NASDAQ:RIVN) shares rose in after-hours trading on Thursday following an upgrade from Piper Sandler. Analyst Alexander Potter upgraded Rivian from Neutral to Overweight and increased the price target from $15 to $21, citing the R2/R3 launch event, a renewed capital expenditures outlook, and the recent selloff in shares. Despite the risks, Potter highlighted the strong orders for Rivian's new R2 platform and the company's plan to delay capex and build R2 in an existing plant as reasons for a more bullish stance. Rivian received 68,000 reservations for the R2 in the U.S. within 24 hours of its unveiling.
March 14, 2024 | 9:50 pm
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Rivian's stock received a positive analyst upgrade from Piper Sandler, moving from Neutral to Overweight with a price target increase from $15 to $21, driven by strong R2 orders and strategic financial planning.
The upgrade by Piper Sandler is a significant positive development for Rivian, indicating increased confidence in the company's future prospects, particularly regarding its R2 platform and financial strategy. This analyst endorsement, especially after the R2's successful launch and the strategic delay in capital expenditures, is likely to positively influence investor sentiment and potentially drive up the stock price in the short term.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100