Rivian Automotive price target raised to $30 from $25 at Wedbush

Wedbush analyst Daniel Ives raised the firm’s price target on Rivian Automotive to $30 from $25 and keeps an Outperform rating on the shares. The company is “finally making a major turn towards executing on its longer term business modal,” the analyst tells investors in a research note. The firm says demand remains “firm” for Rivian’s “unique” electric vehicle model lineup while production appears to “now be on the road to success” as seen with stronger deliveries in Q2. The higher price target reflects further confidence in Rivian hitting or exceeding its delivery targets heading into the second half of 2023 and 2024, writes Wedbush.