Analysts update their target price for Rivian stock
Rivian, the electric vehicle (EV) maker, experienced a significant boost in its price on June 25th following news of a $5 billion investment from German automaker Volkswagen. This investment is aimed at helping Volkswagen with its software and assisting Rivian in developing a more affordable electric SUV. Although Rivian’s stock surge did not completely offset its losses for year, it provided renewed optimism among analysts.
Dan Ives from Wedbush reacted the news by maintaining an “outperform” rating for Rivian and increasing the 12 price target to $20. He believes that this investment is a significant win for Riv and addresses concerns about capital. Guggenheim also initiated coverage on June 25th with “buy” rating and projected a rise to $18 within the next year.
C Fitzgerald reiterated their “overweight” rating for Rivian on June 17th, but adjusted their 12-month price target from $23 to $15. this downgrade, still consider $15 as reasonable.
Overall, analysts remain optimistic about Rivian’s prospects following Volkswagen’s investment. However, it is important to note that investing in carries risks and be approached with caution.
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