For those who thought that the spark for electric vehicle stock Rivian (NASDAQ:RIVN) was sputtering to a halt, the latest news will likely reinvigorate investors. It already has, actually; Rivian shares were up over 6.5% in Tuesday morning’s trading session thanks to fresh word from Baird that marks Rivian as a winner.
The word came from Robert W. Baird analyst Ben Kallo, who declared Rivian a “fresh pick” that’s likely to beat earlier Wall Street delivery projections. Yet, at the same time, Kallo had somewhat less complimentary things to say about Rivian rival Tesla (NASDAQ:TSLA). While calling Tesla a “top pick,” Kallo’s delivery projections were actually below the consensus numbers out from FactSet.
Furthermore, Rivian has more going for it than some positive comments from analysts. Word recently emerged about a lifted version of the Rivian R1T, and those reports note it’s quite impressive. Apocalypse Manufacturing—out to become the Shelby of Rivian—teamed up with SoFlo Customs to build the first lifted R1T. Those reports note that the modifications were extensive, up to and including making custom spindles and both upper and lower control arms. However, the end results are staggering, and Rivian now has a pickup that looks like a properly lifted pickup. That’s going to go quite some way toward getting pickup enthusiasts thinking about Rivian.
Is Rivian a Buy, Sell, or Hold?
Analysts have long given Rivian at least some favor. With 12 Buy ratings, seven Holds and one Sell, Rivian stock is considered a Moderate Buy by analyst consensus. Further, with an average price target of $28.20, Rivian stock comes with an upside potential of 24.78%.