Rivian Stock: Headed to $75?
There are some pretty bullish targets for electric vehicle (EV) maker Rivian's (NASDAQ: RIVN) shares. Indeed, the average 12-month price target for the stock implies about 40% upside from where shares are trading today. Even more importantly, one of the most recent Wall Street notes on the stock featured an outperform rating and a $75 price target (nearly 100% upside) for the growth stock.
Are analysts getting ahead of themselves? Or is the stock truly positioned for such a staggering run-up?
In general, analysts are expecting Rivian's soaring revenue to continue, driving costs lower as a percentage of revenue and eventually making the company a cash cow like Tesla. After all, the company's vehicle deliveries really are skyrocketing. Second-quarter Rivian deliveries were 4,467 -- up nearly fourfold from the 1,227 vehicles the company delivered in the quarter ending just three months earlier.
Source Fool.com
