The latest news surrounding electric vehicle stock Rivian (NASDAQ: RIVN) is expected to reinvigorate investors, driving up the company’s shares by over 6.5%. Analyst Ben Kallo from Robert W. Baird has declared Rivian a “fresh pick” and predicts that it will surpass Wall Street’s earlier delivery projections. In comparison, Kallo had less positive projections for Tesla (NASDAQ: TSLA), despite calling it a “top pick.” The positive sentiment towards Rivian is not solely derived from analysts’ opinions; recently, it was revealed that a lifted version of the Rivian R1T has been developed in partnership with Apocalypse Manufacturing and SoFlo Customs. This modification is expected to appeal to pickup enthusiasts and further enhance Rivian’s reputation in the electric vehicle market.
Rivian’s stock has consistently received positive ratings from analysts, with 12 Buy ratings, seven Hold ratings, and one Sell rating, making it a Moderate Buy according to analyst consensus. Furthermore, the average price target for Rivian stock is $28.20, suggesting a potential upside of 24.78%. These positive projections and expectations align with the recent developments, including the impressive modifications made to the Rivian R1T pickup. Overall, these factors contribute to the growing appeal and potential success of Rivian in the electric vehicle industry.
