LC - Rivian Fisker Lucid lead big day for electric vehicle stocks

2023-07-07 15:02:34 ET

Electric vehicle stocks rallied Friday after Rivian Automotive, Inc. ( NASDAQ: RIVN ) got a boost from Wedbush.

Rivian ( RIVN ) jumped 14% in the afternoon, Fisker Inc. ( NYSE: FSR ) rose 4.7% and Lucid Group, Inc. ( NASDAQ: LCID ) was up 6.2% . Cenntro Electric Group Limited ( CENN ) rose nearly 20% , Canoo Inc. ( GOEV ) increased 6.8% and Polestar Automotive Holding UK PLC ( PSNY ) was up 6.3% .

Earlier, Wedbush said, "The Rivian ( RIVN ) story is finally turning around," adding that the company is executing on its longer term business model and demand remains firm for its "unique" EV model lineup.

"Production appears to now be on the road to success as seen with stronger deliveries in 2Q," analysts led by Dan Ives wrote in a note.

"We believe more good news is on the horizon as we look into the next 12 to 18 months with Rivian ( RIVN )," the analysts said, maintaining an Outperform rating and raising the price target to $30 from $25.

Rivian ( RIVN ) is still down more than 20% for the year, and 77% of Seeking Alpha analysts say Hold or Sell the stock. Wall Street analysts are more optimistic, without a single Sell call and 62% saying Buy or Strong Buy.

More on Rivian:

• Rivian: Buying Surge On Its Q2 Deliveries Report
• Rivian Automotive revs higher after Wedbush points to inflection year ahead
• Rivian: Navigating Through Production Inefficiencies To Capitalize On Growing Markets
• Rivian Automotive rallies after delivering electric vans to Amazon in Europe

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