Praise for Rivian Automotive Inc.'s better-than-expected quarterly results failed to boost the EV maker's stock on Wednesday, with most analysts keeping their cautious view on the company and on the direction of the stock in the near term.
Praise for Rivian Automotive Inc.’s better-than-expected quarterly results failed to boost the EV maker’s stock on Wednesday, with most analysts keeping their cautious view on the company and on the direction of the stock in the near term.
Rivian’s shares RIVN dropped more than 9% on Wednesday, a day after the company reported second-quarter results that topped Wall Street views and raised its production guidance for the year to 52,000 vehicles, from 50,000. Michael Shlisky at DA Davidson also raised his price target on Rivian’s shares — to $25 from $18 — but stopped short of raising his hold rating on the stock.
“We’re still not 100% sold, as new EV SUVs and pickup trucks seem to be entering the market monthly,” including General Motors Co.’s Cadillac Escalade IQ. Execution risks remain, “but things seem to be heading in the right direction.”
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