Electric vehicle stock Rivian (NASDAQ:RIVN) received a boost in investor confidence following positive projections from analyst Ben Kallo at Robert W. Baird. Kallo declared Rivian a “fresh pick” and predicted that it would surpass Wall Street’s previous delivery forecasts. This announcement caused Rivian shares to rise by over 6.5% in Tuesday morning’s trading session. However, Kallo had less favorable projections for Rivian’s competitor, Tesla (NASDAQ:TSLA), stating that deliveries would be below consensus numbers. Despite the analyst’s positive sentiments about Rivian, the company recently gained further attention due to the unveiling of an impressive lifted version of its R1T pickup truck. This modification could attract pickup enthusiasts to consider Rivian as an option.
Rivian stock has been receiving favorable ratings from analysts, with a Moderate Buy consensus consisting of 12 Buy ratings, seven Hold ratings, and one Sell rating. With an average price target of $28.20, there is a potential upside of 24.78% for Rivian stock. These factors contribute to the growing positivity surrounding Rivian and its potential in the electric vehicle market. This announcement and the recent unveiling of a lifted version of the R1T pickup truck position Rivian favorably and may further solidify its position as a competitor to watch in the industry.
In conclusion, analyst projections for Rivian exceeding delivery forecasts have resulted in a surge in investor interest and a boost in the company’s stock. Additionally, the introduction of a lifted version of the Rivian R1T pickup truck has generated excitement among pickup enthusiasts. With a Moderate Buy consensus rating from analysts and a potential upside of 24.78%, Rivian is gaining traction as a significant player in the electric vehicle market.