Shares of Rivian Automotive (NASDAQ: RIVN) had been buying and selling sharply increased on Monday, after a Wall Road analyst initiated protection of the inventory with a powerful advice.
As of midday ET, Rivian’s shares had been up about 12.1% from Friday’s closing value.
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In a brand new observe on Monday, Benchmark initiated protection of Rivian with a purchase ranking and a value goal of $18, about 38.5% above Friday’s closing value.
In keeping with experiences, the agency believes that Rivian is “effectively positioned” to take a big share of the “large” rising alternative for electrical autos (EVs) over the subsequent decade. Benchmark believes that U.S. electrical car manufacturing will decide up in 2025 and speed up in 2026 and 2027 as extra charging infrastructure is constructed and the typical promoting costs for EVs proceed to return down.
Benchmark likes Rivian due to its still-substantial money place, its contracts with Amazon and Volkswagen, and Rivian’s expectation that it’s going to publish a optimistic gross product for the present quarter.
Rivian remains to be an rising automaker, after all. However Client Studies stated late final week that regardless of less-than-optimal high quality, Rivian’s proprietor satisfaction was the highest among the many 27 auto manufacturers included in its most up-to-date rankings.
That is one other signal that Rivian is prone to stick round — and prone to proceed to develop as EV adoption will increase.
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