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Rivian Automotive Inc. Sees Continued Growth with Analyst Support

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Shares of Rivian Automotive Inc. have surged for the eighth consecutive day, following an increase in price target by Wedbush analyst Dan Ives. With a 20% boost in the target price, Ives believes that the electric vehicle maker is experiencing a significant shift towards its long-term business model.

Maintaining his outperform rating on the stock RIVN (currently up +5.82%), Ives raised the price target from $25 to $30. In a note to clients, he expressed optimism stating, “After facing a few setbacks and supply chain challenges, Rivian is now on track to execute its longer-term business model. The demand for their unique EV lineup remains strong, and we are seeing signs of success with improved deliveries in the second quarter.”

In premarket trading, Rivian’s stock has reached a seven-month high, increasing by 3.5%. This boost follows a remarkable seven-day winning streak where the stock soared by an impressive 60.7%. If the stock closes higher today, it will match its previous record eight-day winning streak that ended on September 14, 2022.

This positive outlook is further fueled by the recent announcement from Rivian’s largest shareholder, Amazon.com Inc., stating that they have received their first batch of Rivian’s new electric delivery vans in Europe.

Rivian has firmly cemented itself as a driving force in the electric vehicle industry, with consistent growth and support from industry analysts and key partners like Amazon.com Inc.

Rivian Reports Second-Quarter Record Deliveries and Production

Rivian, an electric vehicle manufacturer, has recently announced its second-quarter results, revealing impressive growth in deliveries and production. Compared to the previous year, the company’s deliveries have nearly tripled, while production has more than tripled.

The company seems to have overcome past challenges related to production speed bumps and supplier issues. Rivian now appears to have a firm grip on its production and supply chain operations, with a strong focus on delivering vehicles to its eager customers.

According to a report by FactSet, Rivian has received positive reviews from analysts. Among the 24 analysts surveyed, Rod Lache from Wolfe Research and George Gianarikas from Canaccord Genuity are the most bullish on Rivian, each setting a price target of $40 for the company’s stock. Following closely behind them is our own Ives, setting a price target that suggests a 39% upside from the stock’s Thursday closing price of $21.62.

In total, fourteen analysts have expressed a bullish outlook on Rivian, eight have a neutral stance, and two hold a bearish view. The average stock price target among these analysts is $23.55.

Over the past three months, Rivian’s stock has seen an impressive surge, rising by 49.4%. In comparison, the Global X Autonomous and Electric Vehicles exchange-traded fund (DRIV) has shown a growth of 13.4%, while the S&P 500 index has gained 7.5%.

Rivian’s recent success in increasing deliveries and production, along with positive analyst sentiment, has positioned the company for further growth in the electric vehicle market. Investors are optimistic about Rivian’s future prospects, which is reflected in the rising stock prices.

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