TSLA - Rivian Only EV Maker That Makes The Cut For Bullish Recommendation Says Analyst: 'Underappreciated Winner' In EV Transition | Benzinga
Following third-quarter earnings from electric vehicle manufacturers, an analyst at Needham reiterated his bullish stance on Rivian Automotive, Inc. (NYSE:RIVN) and stepped to the sidelines on peer Lucid Group, Inc. (NASDAQ:LCID).
The EV Analyst: Chris Pierce reiterated a Buy rating and $25 price target for Rivian, which also remained in Needham’s “Conviction List” stocks.
The analyst downgraded Lucid stock from Buy to Hold. The firm also has Hold ratings on Tesla, Inc. (NASDAQ:TSLA) and Fisker, Inc. (NYSE:FSR).
Underappreciated Winner: Rivian continues to look like an underappreciated winner in the ICE to EV transition amid increasingly negative sentiment towards broad EV adoption,” said Pierce in a note. He added that Needham’s latest round of used-EV price checks pointed toward strong demand for Rivian instead of excess supply across the broader industry.
“RIVN is now our only Buy-rated stock across our EV OEM coverage,” Pierce said. He attributed his lukewarm sentiment toward other EV makers to higher uncertainty ...