Rivian Automotive initiated with an Overweight at Cantor Fitzgerald

Cantor Fitzgerald analyst Andres Sheppard initiated coverage of Rivian Automotive (RIVN) with an Overweight rating and $22 price target. Rivian benefits from a differentiated product offering, a strong backing from Amazon (AMZN), and a proprietary charging network, but shares are down ~79% YTD, so this could be a good entry point, Sheppard tells investors in a research note.