Electric vehicle maker Rivian Automotive (NASDAQ: RIVN) was up in morning trading on Wednesday morning as 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. These vans are a part of Amazon’s order for 100,000 vehicles that the tech giant had placed with Rivian back in 2019. Amazon has a stake of 17% in Rivian.
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In another boost to the stock, D.A. Davidson analyst Michael Shlisky upgraded the stock to a Buy from a Hold and raised the price target to $18 from $11, implying a downside potential of 10.5% at current levels.
The analyst commented, “The most recent one — RIVN’s imminent entry into Europe with its delivery van — was expected eventually, but far earlier than we anticipated.”
Overall, analysts are cautiously optimistic about RIVN stock with a Moderate Buy consensus rating based on eight Buys, four Holds, and two Sells.