Why Shares of Rivian Hit a Pothole Today
Charged up about the electric truck maker's prospects, investors chose to park shares of Rivian (NASDAQ: RIVN) in their portfolios yesterday upon learning of management's interest in partnering with Tesla. The rally, however, isn't extending into today's trading session thanks to an analyst's bearish take on the stock.
After racing out of the gate and climbing 3.9%, shares of Rivian have shifted into reverse and fallen 7.1% as of 12:03 p.m. ET.
Exhibiting less optimism about the stock's potential, Vijay Rakesh, an analyst at , reduced the price target on Rivian to $27 from $30, according to Thefly.com. Rakesh revisited the price target, in part, due to the updated expectation that Rivian will deliver 68,000 R1 vehicles in 2024 instead of the original forecast of 78,000 vehicles. Based on yesterday's closing price of $15.70, Rakesh's price target implies upside of 64%.
Source Fool.com
