Shares of Rivian Automotive, Inc. RIVN are likely to gain yet again on Friday, as the upward momentum that has carried the stock higher in the past seven sessions remains intact.
In premarket trading on Friday, Rivian stock rose 2.45% to $22.15, according to Benzinga Pro data.
Leading up to Friday, the stock has closed higher in each session since June 27.
If it closes in the green on Friday, the stock would match a record streak last seen in September 2022.
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What’s Driving The Stock? Recent optimism is fueled by the company’s strong deliveries in the second quarter and its charging partnership with Tesla, Inc. TSLA.
On Friday, Wedbush analyst Daniel Ives maintained an Outperform rating on the stock and increased the price target from $25 to $30, suggesting approximately 36% upside from current levels.
Ives noted that the company is making significant progress in executing its long-term business model, stating, “Demand remains firm for the company’s unique EV model lineup while production appears to now be on the road to success as seen with stronger deliveries in 2Q.”
Why It Matters: The upward price target adjustment reflects growing confidence in Rivian’s ability to meet or exceed delivery targets in the second half of the year and 2024, with an inflection year ahead.
“We continue to strongly believe in the Rivian long-term story and view a number of positive catalysts ahead, along with firming demand and production, making this a table pounder at current levels,” added Ives.
Check out more of Benzinga’s Future Of Mobility coverage by following this link.
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