RIVN - Rivian Stock Has Almost 30% Upside According to 1 Wall Street Analyst
2024-05-09 11:07:00 ET
Investors didn't react well when Rivian Automotive (NASDAQ: RIVN) reported its first-quarter update this week. While results were largely in line with expectations, the stock slid when the company left its full-year targets intact. Investors were likely hoping for a boost in expected electric vehicle (EV) production for the year.
But not everyone was disappointed. Following the report, Needham analyst Chris Pierce reiterated a "buy" rating on Rivian shares. His $13 price target on Rivian shares would represent a jump of almost 30% from Thursday's levels.
Pierce still thinks Rivian will be a long-term winner among the growing group of EV manufacturers for several reasons. Among them is the brand's growing appeal to consumers. Despite slowing adoption trends from EV buyers, Rivian is looking beyond the near-term situation and moving forward with adding a next-generation mid-size sport utility vehicle platform to its lineup.
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Rivian Stock Has Almost 30% Upside, According to 1 Wall Street Analyst