28 September 2022
By : Quick Insurance Guru
Shares of Rivian Automotive (NASDAQ: RIVN) were up 6.7% in early morning trade on Wednesday.
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The specialty electric vehicle (EV) maker's share price edged up the S&P 500 index by 3.8%, trouncing the sub-2% gain.
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Analysts usually are unhappy when an analyst cuts their price target on a stock, but that wasn't the case Wednesday with Rivian.
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RBC Capital Markets' Joseph Spak announced the move in a new research note earlier this week, slicing his level to $62 per share from the previous $75.
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The analyst's forecast has been trimmed for both the third quarter and the entire 2023.
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Rivian plans to meet its annual production targets. Spak remains bullish on the company despite the price cut, maintaining his outperform recommendation on the stock.
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The auto world was very aware that as of late afternoon Wednesday this positive evaluation had been viewed nearly 508,000 times.
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Rivian's R1T pickup established a toehold in an industry niche with its ambition.
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If more influential reviewers give a thumbs-up for the R1S, which at a starting price of $78,000 is very competitive, it's a really good buy.
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The Tesla Model X's nearly $113,000 valuation could set the company up for some early dominance in that category too.
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