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Rivian Gets Maiden Bullish Recommendation Despite Lofty Post-IPO Valuation; 'EV Maker In Catbird's Seat To Take Considerable Market Share'

Rivian Gets Maiden Bullish Recommendation Despite Lofty Post-IPO Valuation; 'EV Maker In Catbird's Seat To Take Considerable Market Share'
EV startup Rivian Automotive, Inc. (NASDAQ:RIVN) went public in early November by offering 153 million shares at $78 a share, giving it a massive initial public offering valuation of over $100 billion.

The irrational exuberance seen in the initial few days of trading lifted the stock to a high of $179.47. Since then, the stock has pulled back amid profit taking, abetted by concerns over stretched valuation and macroeconomic worries.

The Rivian Analyst: Following the expiry of the IPO quiet period, Wedbush analyst Daniel Ives initiated coverage of Rivian shares with an Outperform rating and $130 price target, suggesting roughly 25% upside from current levels.

The Rivian Thesis: Rivian Automotive is a "stalwart EV startup" focusing on redefining the sports utility vehicle with its innovative R1S and R1T models, analyst Ives said. The company is looking to strategically launch itself into an untapped market as SUV/ pickup truck EVs are virtually nonexistent in the EV market today, he added.

Rivian's debut vehicles, the R1T and R1S, are anticipated to launch in early 2022, competing with General Motors Company's (NYSE:GM) all-new Hummer EV, Ford Motor Company's (NYSE:F) F-150 Lightning, Tesla, Inc.'s (NASDAQ:TSLA) Cybertruck, and on a path to disrupt the auto industry over the next decade, the analyst noted.
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