Rivian Stock Is Rallying Monday: What's Driving The Action?
Portfolio Pulse from Adam Eckert
Rivian Automotive Inc (NASDAQ:RIVN) shares are rallying on Monday following multiple analysts raising their price targets. Analysts from Barclays, Canaccord Genuity, RBC Capital, and Goldman Sachs have all increased their price targets for Rivian, citing positive updates from the company's recent investor day. Rivian reaffirmed its production guidance and positive adjusted gross profit expectations, and announced a joint venture with Volkswagen, which will invest up to $5 billion in the company.
July 01, 2024 | 3:26 pm
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Rivian shares are rallying after multiple analysts raised their price targets, citing positive updates from the company's investor day and a new joint venture with Volkswagen.
The increase in price targets from multiple analysts and the positive updates from Rivian's investor day, including reaffirmed production guidance and a new joint venture with Volkswagen, are likely to boost investor confidence and drive the stock price higher in the short term.
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