RIVN - Why Rivian Stock Bounced Back on Tuesday
2024-04-16 12:42:40 ET
Investors in Rivian Automotive (NASDAQ: RIVN) got a rare bit of good news on Tuesday. After falling for four straight days -- including a sharp drop yesterday on news the electric-car market has gotten so bad that Tesla (NASDAQ: TSLA) must lay off 10% of its workers -- shares of Rivian jumped 4.3% through noon ET today.
Up until yesterday, investment bank UBS had Rivian stock pegged for a sell rating and a $9 price target. Today, UBS still thinks it's worth only $9 a share, a far cry from the $130-plus the stock fetched back around its initial public offering . But the bank no longer thinks it's a sell.
Last night, UBS upgraded Rivian to neutral as the stock approaches its price target. "The stock price now better considers some of our midterm concerns," the bank said.
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Why Rivian Stock Bounced Back on Tuesday