One Wall Street analyst thinks Rivian Automotive (NASDAQ: RIVN) stock has dropped far enough. UBS analyst Joseph Spak upgraded the stock of the electric vehicle (EV) maker on Tuesday, and implied there could be another upgrade ahead.

Spak addressed both a short-term view as well as a specific catalyst that could drive Rivian shares higher over the long term. After Rivian stock has dropped by more than 50% in the last three months, Spak upgraded his rating from sell to neutral on Tuesday. He kept his price target of $9, but noted that there could be a new catalyst emerging, too.

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Source Fool.com