Why Rivian Stock Zoomed Nearly 4% Higher Today
The stock market had a good trading session on Wednesday, but Rivian Automotive (NASDAQ: RIVN) had a really good day. The specialty electric vehicle (EV) maker's share price rose by 3.8%, trouncing the sub-2% gain of the S&P 500 index, on a pair of positive developments.
Investors are usually unhappy when an analyst cuts their price target on a stock, but that wasn't the case with Rivian on Wednesday. RBC Capital Markets' Joseph Spak made the move in a new research note that morning, slicing his level to $62 per share from the previous $75.
Spak is mainly concerned with Rivian's aim to switch over from rail to truck delivery. Change is painful, of course, and the analyst has trimmed his production and delivery forecasts for both the third quarter of this year, and for the entirety of 2023.
Source Fool.com
