Actions of Rivian Vehicle (NASDAQ:RIVN) have been buying and selling sharply greater on Monday, after a Wall Avenue analyst initiated protection of the inventory with a powerful suggestion.
As of midday ET, shares of Rivian have been up about 12.1% from Friday's closing worth.
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In a brand new be aware Monday, Benchmark initiated protection of Rivian with a Purchase ranking and a worth goal of $18, roughly 38.5% above Friday's closing worth.
The corporate reportedly believes Rivian is “well-positioned” to take a big share of the “large” rising alternative for electric vehicles (VE) over the following decade. Benchmark estimates that U.S. electrical automobile manufacturing will resume in 2025 and speed up in 2026 and 2027 as extra charging infrastructure is constructed and common electrical automobile gross sales costs proceed to say no.
Benchmark likes Rivian due to its nonetheless massive money place, its contracts with Amazon And Volkswagenand Rivian's expectation to put up constructive gross income for the present quarter.
In fact, Rivian continues to be an rising automaker. However Shopper Stories stated late final week that regardless of lower than optimum high quality, Rivian proprietor satisfaction was highest. the best among the many 27 vehicle manufacturers included in its most up-to-date rating.
It's one other signal that Rivian is prone to keep — and proceed to develop as electrical automobile adoption will increase.
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