Investors who held onto Rivian stock (RIVN) in recent months are now reaping the rewards.
The EV maker’s stock is soaring, with an increase of nearly 90% in the past nine sessions. On Monday, Rivian shares closed at $25.51, nearly double their closing price of $13.45 on June 26.
Positive catalysts, such as Rivian’s production and delivery targets, have boosted the shares in the past week. Rivian recently confirmed that it remains on track to meet its previously provided annual production guidance of 50,000 units.
‘Worst is in the rearview mirror’
Rivian’s reaffirmation of its delivery goals led Wedbush Securities to raise its price target for the stock from $25 to $30.
“During the initial production phase, there were setbacks and excuses. It felt like one step forward and two steps back for four or five quarters. Now, they have finally turned the corner, and I believe the worst is behind them,” said Wedbush analyst Dan Ives in an interview with Yahoo Finance on Monday.
“From a valuation perspective, $30 could be considered a conservative estimate,” he…
2023-07-10 16:11:16
Source from finance.yahoo.com
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