What's Going On With Rivian Automotive Stock?

Rivian Automotive, Inc. RIVN shares are trading higher Tuesday. Baird Equity Research released a coverage update and designated the company as a "bullish Fresh Pick."

The Details:

The note from Baird Equity Research reiterated its coverage on Rivian with an Outperform rating and listed its price target as $30.

Baird expects Rivian's third-quarter deliveries to beat expectations and sees this as a near-term catalyst for the stock. 

The report also mentions Rivian Automotive's improving profit margins and recent commentary from the company's management indicating that consumer demand remains strong, particularly for the R1S model. 

Baird sees Rivian's recently opened showrooms in Chicago and Brooklyn as platforms for showcasing its R1 products, and speculates that Rivian will release details on its R2 platform in the first half of 2024. 

Related News: What's Going On With Sea Limited Stock? 

RIVN Price Action: According to Benzinga Pro, Rivian Automotive shares are up 6.9% at $22.60 at the time of publication.

Image: Courtesy of Rivian Automotive, Inc.