Rivian's stock jumped toward a near five-month high Wednesday, after an analyst who was its biggest bear backed away from his sell recommendation.
Shares of Rivian Automotive Inc. shot up toward a near five-month high Wednesday, after the electric-vehicle maker’s entry into Europe through Amazon.com Inc. prompted the most bearish analyst to back away from the sell recommendation.
Analyst Michael Shlisky raised his rating on Rivian’s stock RIVN to neutral from underperform, and boosted his stock price target to $18 from $11. His previous price target was the lowest of the 24 analysts surveyed by FactSet who cover Rivian. Rivian’s stock rallied 6.1% in premarket trading, putting it on track to open at the highest price seen since mid-February. That rally also puts it on course for a sixth-straight gain, which would be the longest win streak since eight-day stretch that ended Sept. 14, 2022.
The Amazon announcement followed Rivian’s report early Monday that second-quarter production more than tripled from a year ago, while deliveries nearly tripled. That had sent the stock soaring more than 17% on Monday, the biggest one-day gain in eight months.
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