Rivian Automotive price target raised to $30 from $22 at Barclays

Barclays analyst Dan Levy raised the firm’s price target on Rivian Automotive (RVIN) to $30 from $22 and keeps an Overweight rating on the shares. The analyst expects a Q2 beat from Rivian and for the momentum trade to continue. The company serves as an electric vehicle alternative to Tesla (TSLA), the analyst tells investors in a research note. Barclays expects a Q2 beat on stronger than expected deliveries and fixed cost absorption benefits to the gross margin result, “alongside continued operational self-help.” While a rally in the shares has emerged over the past month, there is opportunity for further upside in the stock as investors are increasingly comfortable with Rivian’s path to breakeven, it contends.