Rivian Stock Puts Pedal To Floor As Analyst Compares EV Brand Power To Tesla
Portfolio Pulse from Adam Eckert
Guggenheim initiated coverage on Rivian Automotive Inc (NASDAQ:RIVN) with a Buy rating and a price target of $18, citing potential market leadership and appealing to younger consumers. Analyst Ronald Jewsikow highlighted financial inflection points, reduced cash burn, and the upcoming R2 and R3 EV models as key growth drivers. Rivian's brand power is compared to Tesla Inc (NASDAQ:TSLA).
June 25, 2024 | 4:27 pm
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POSITIVE IMPACT
Guggenheim initiated coverage on Rivian with a Buy rating and a price target of $18. Analyst Ronald Jewsikow sees potential for Rivian to grow its market share, citing financial inflection points, reduced cash burn, and the upcoming R2 and R3 EV models as key growth drivers.
The Buy rating and $18 price target from Guggenheim, along with the positive outlook on financials and upcoming models, are likely to boost investor confidence and drive short-term stock price appreciation.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100
NEUTRAL IMPACT
Rivian's brand power is compared to Tesla, suggesting that Rivian could resonate with consumers similarly to how Tesla has. This comparison highlights Rivian's potential to capture a significant market share in the EV space.
While the comparison to Tesla is positive, it does not directly impact Tesla's stock in the short term. The focus remains on Rivian's potential growth.
CONFIDENCE 70
IMPORTANCE 50
RELEVANCE 20