Rivian's stock rallied Friday toward an 8th-straight gain, after Wedbush analyst Dan Ives boosted his price target by 20% as the EV maker sees...
Shares of Rivian Automotive Inc. rallied Friday toward an eighth-straight gain after Wedbush analyst Dan Ives boosted his price target by 20%, saying he believes the electric vehicle maker is “finally making a major turn” toward its longer-term business model.
Ives reiterated the outperform rating he’s had on the stock RIVN since it went public, while raising his price target to $30 from $25. Ives’ raised price target comes after Rivian’s largest shareholder, Amazon.com Inc., announced earlier this week that it was taking delivery of the first of Rivian’s new electric delivery vans in Europe.
Ives’ new price target, which implies about 39% upside from Thursday’s stock closing price of $21.62, made him the third-most bullish on Rivian of the 24 analysts surveyed by FactSet who cover the company.
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