2024-04-10 13:58:07 ET
Rivian Automotive (NASDAQ: RIVN) stock -- like most stocks -- got rocked on Wednesday after higher-than-expected inflation data dashed investor hopes for a series of Federal Reserve rate cuts in 2024. But not to worry, says Bank of America .
Inflation or no inflation , and rate cuts or no interest rate cuts ... Rivian's stock price will more than double, and hit $21 a share within a year, according to BofA analysts.
Rivian stock closed just shy of $11 a share Tuesday before the price target announcement, so a move to $21 per share would translate to a 98% return over the next year or so for new investors. That's pretty exciting news for investors if BofA analyst John Murphy is right. But is he right?
For further details see:
Rivian Stock Has 98% Upside, According to 1 Wall Street Analyst