RIVN - Is Rivian Stock Going to $15? 1 Wall Street Analyst Thinks So.
2024-05-14 11:13:00 ET
Investors in Rivian Automotive (NASDAQ: RIVN) had a rough week, as the electric truck stock sank slowly but surely below $10 after the company issued a disappointing "earnings" report -- a report that featured no earnings at all, but rather $1.45 per share in losses .
Despite the bad news, however, Cantor Fitzgerald analyst Andres Sheppard came out with a prediction last Wednesday: Within 12 months, Rivian stock will soar 50% to close at $15 a share.
Sheppard trimmed his price target on Rivian stock from $23 a share to $15, and called this prediction of a 50% gain "conservative." Demand for electric vehicles (EVs) is down among car buyers right now, Rivian is holding production flat against 2023 levels to match demand, instead of expanding as Sheppard hoped, and the company is still losing money on each EV it sells -- about $38,000 per unit.
For further details see:
Is Rivian Stock Going to $15? 1 Wall Street Analyst Thinks So.