EV major Rivian Automotive (NASDAQ: RIVN) climbed in pre-market trading at the time of writing on Friday after top-rated Wedbush analyst Daniel Ives raised his price target to $30 from $25, while reiterating a Buy on the stock. Ives’ raised price target implies an upside potential of 38.7% at current levels.
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Analyst Ives commented, “We believe after a number of ‘one step forward, two steps back’ excuses for
Rivian and supply-chain headaches, the company is finally making a major turn towards executing on its longer-term business model.”
RIVN has gained more than 45% in the past five trading sessions as the company stated that it is well on its way to achieving its target of rolling out 50,000 vehicles in 2023 as it produced 13,922 vehicles from its plant in Normal, Illinois, and delivered 12,640. This is even as analysts were expecting the company to deliver only 11,300 vehicles. Earlier this week, tech giant, Amazon (AMZN) stated that around 300 electric Rivian vans will roll out on the roads of Munich, Berlin, and Düsseldorf regions in Germany over the coming weeks.
Ives stated that from the rise in vehicle production, it appeared that Rivian “now appears to have its production and supply chain issues well under control with the laser focus on getting deliveries in the hands of eagerly awaiting customers.”
Analysts are cautiously optimistic about RIVN stock with a Moderate Buy consensus rating based on 10 Buys, five Holds, and one Sell.