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Analysts revise Rivian stock price target
The post Analysts revise Rivian stock price target appeared on BitcoinEthereumNews.com. Though Rivian (NASDAQ: RIVN) had been on a steady decline along with much of the electric vehicle (EV) industry since the start of 2024, the EV maker received a massive boost late on June 25 – one which saw the stock rocket as much as 50% in the pre-market on June 26. The major rally was driven by the news that the German automaker Volkswagen (ETR: VOW3) is making a $5 billion investment in RIVN focused on helping the former with its software challenges and the latter in the development of a lower-cost electric SUV. While Rivian’s stock surge is not yet enough to erase the company’s 2024 losses entirely – RIVN stock price at the time of publication stands at $16.98, while on January 2, the EV maker’s share price was at $21.10 – it provided a second wind to the already-present analyst bullishness. RIVN stock YTD price chart. Source: Finbold Analysts update Rivian stock price targets The first expert to react to the Volkswagen news was Wedbush’s Dan Ives, who announced in an X post on June 26 that he is maintaining an ‘outperform’ – ‘buy’- rating for the EV maker and increasing the 12-month price target from $15 to $20. According to Ives, while there is more work ahead for Rivian, the investment is a ‘huge win’ and ‘takes the biggest bear thesis around capital off the table.’ We are raising our price target on Rivian from $15 to $20 while maintain our OUTPERFORM rating with the VW news a game changer for the Rivian story. Huge win for RJ and Rivian and takes the biggest bear thesis around capital off the table. Still wood to chop but a win. ???????????????? — Dan Ives (@DivesTech) June 26, 2024 The forecast updates immediately preceding the Volkswagen news were…
The post Analysts revise Rivian stock price target appeared on BitcoinEthereumNews.com.
Though Rivian (NASDAQ: RIVN) had been on a steady decline along with much of the electric vehicle (EV) industry since the start of 2024, the EV maker received a massive boost late on June 25 – one which saw the stock rocket as much as 50% in the pre-market on June 26. The major rally was driven by the news that the German automaker Volkswagen (ETR: VOW3) is making a $5 billion investment in RIVN focused on helping the former with its software challenges and the latter in the development of a lower-cost electric SUV. While Rivian’s stock surge is not yet enough to erase the company’s 2024 losses entirely – RIVN stock price at the time of publication stands at $16.98, while on January 2, the EV maker’s share price was at $21.10 – it provided a second wind to the already-present analyst bullishness. RIVN stock YTD price chart. Source: Finbold Analysts update Rivian stock price targets The first expert to react to the Volkswagen news was Wedbush’s Dan Ives, who announced in an X post on June 26 that he is maintaining an ‘outperform’ – ‘buy’- rating for the EV maker and increasing the 12-month price target from $15 to $20. According to Ives, while there is more work ahead for Rivian, the investment is a ‘huge win’ and ‘takes the biggest bear thesis around capital off the table.’ We are raising our price target on Rivian from $15 to $20 while maintain our OUTPERFORM rating with the VW news a game changer for the Rivian story. Huge win for RJ and Rivian and takes the biggest bear thesis around capital off the table. Still wood to chop but a win. ???????????????? — Dan Ives (@DivesTech) June 26, 2024 The forecast updates immediately preceding the Volkswagen news were…
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