RIVN - Will Volkswagen News Drive Rivian Stock to $20? 1 Wall Street Analyst Thinks So.
2024-06-27 09:17:08 ET
Rivian Automotive (NASDAQ: RIVN) investors got some great news on Tuesday. Rivian and Volkswagen (OTC: VWAGY) announced they will form a joint venture (JV) that will marry Rivian technology to Volkswagen cash -- as much as $5 billion that Rivian can use to keep operating as it completes development of its widely anticipated R2 electric SUV and R3 electric car .
Wall Street is applauding the JV. And on Wednesday, one analyst -- Cantor Fitzgerald -- raised its price target on Rivian stock to $20 a share. That implies a 36% price jump over the next 12 months.
But is the news as good as all that?
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Will Volkswagen News Drive Rivian Stock to $20? 1 Wall Street Analyst Thinks So.