Evercore ISI analyst Chris McNally initiated coverage of Rivian Automotive with an In Line rating and $35 price target. Rivian represents the largest and most well-funded company of the 3 new EV entrants he is launching coverage on, with its R1T pickup garnering "rave reviews" and the R1S SUV launch ongoing, McNally said. Though he started the stock with an In Line rating this is "with a positive bias" as he believes a catalyst path exists progressing through 2023, McNally added.
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