Wedbush raised its price target on Rivian shares to $30 from $25 as the company's production difficulties improve.
The Rivian story is "finally" turning around after several difficult quarters, according to Wedbush. "We believe after a number of "one step forward, two steps back" excuses for Rivian and supply chain headaches, the company is finally making a major turn towards executing on its longer term business model," analyst Daniel Ives wrote in a Friday note. The firm maintained its outperform rating on shares while raising its price target to $30 from $25.
"The EV manufacturer does believe it is on a steady track to hit its 50,000-production guidance given for FY23 and we believe this is a solid step forward for Rivian in its efforts to deliver on expectations, putting the company in a great position to continue its production ramp while hammering in on cost optimization as one of its largest strategies," said Ives. Rivian began delivering its RCV vans in Europe through its Amazon partnership earlier this week.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
'The Profit' producers win in arbitration after $30-million lawsuit from bankrupt contestantNBCUniversal and companies linked to its CNBC show “The Profit” and its frontman, entrepreneur Marcus Lemonis, have prevailed in a legal dispute with one of the show’s contestants.
Read more »
These Coveted Amazon Devices Are Already as Low as $30 Ahead of Prime DayPrime Day is (almost) here and the Amazon tech deals are already rolling in. Waiting all year to upgrade your security system? Amazon has deals on their Ring plan along with the incredibly popular …
Read more »
Save $30 And Get Free Shipping On This Powerful Personal Air ConditionerBeat the heat by taking advantage of special savings on this powerful and versatile cooling option.
Read more »
Canada mimics U.S. strategy by offering nearly $30 billion for Stellantis, Volkswagen battery plantsCanada and Ontario are providing Stellantis and LG Energy with up to $15 billion for their battery plant project. Find out more.
Read more »
Lindsay Corp. boosts quarterly dividend to 35 cents a share from 34 cents previouslyLindsay Corp. a maker of irrigation and infrastructure equipment and technology, said Friday its board has agreed to raise its quarterly dividend to 35 cents...
Read more »
Citi says this offshore drilling stock can soar more than 35%Citi upgraded Transocean shares to buy from neutral, citing its favorable position geographically and in terms of rig reactivation.
Read more »