Why Rivian Stock Surged This Week
Rivian Automotive (NASDAQ: RIVN) stock jumped 9.1% at its highest point in trading this week, according to data provided by S&P Global Market Intelligence. The electric vehicle (EV) stock has had a lot going for it these past few days.
Earlier in the week, Barclays analyst Dan Levy initiated coverage of several auto stocks, including Rivian. Levy projected EV penetration in the U.S. to hit 48% by 2030 and singled out two companies in particular that could benefit from the EV boom: Tesla (NASDAQ: TSLA) and Rivian.
Although the analyst says Tesla stands out for its leadership in the industry and its financial strength, Levy also believes Rivian is not far behind Tesla and is positioned to gain a "solid share" in North America's EV market thanks to its moats in technology and product. Levy gave Rivian stock a price target of $28 a share.
Source Fool.com
