- Rivian Automotive Inc (NASDAQ: RIVN) shares received a price target of $ 130 from Wedbush. These are the details.
Rivian Automotive Inc (NASDAQ: RIVN) shares received a price target of $ 130 from Wedbush. And Wedbush analyst Daniel Ives kicked off Rivian’s cover with an âOutperformanceâ rating.
Ives noted that Rivian Automotive is an EV startup that is focused on redefining the sport utility vehicle (SUV) with its R1S and R1T models.
And the company plans to strategically enter an untapped market, as electric SUVs / pickup trucks are virtually non-existent in the EV market today. The R1T and R1S are slated to launch early next year, which will compete with GM’s new Hummer EV, Ford’s F-150 Lightning, and Tesla’s Cybertruck.
Additionally, Ives noted that Rivian has the potential to become one of the leaders in the electric vehicle industry over the next decade. The company already had over $ 10 billion in funding before going public.
âWith the popularity and consumer demand for electric vehicles in the trucking / SUV market, we believe Rivian is in the catbird’s place to take a sizable market share in this electric vehicle arms race under the leadership of its CEO and visionary founder RJ Scaringe, âIves wrote in the research note. via Benzinga. “We see Rivian’s story as a game changer for the electric vehicle market.”
Ives also wrote that $ 2.5 trillion was up for grabs to compete with Tesla. And Rivian has the potential to become a clear leader in the market.
Disclaimer: This content is intended for informational purposes. Before you make an investment, you need to do your own analysis.