Rivian Automotive (NASDAQ: RIVN) impressed investors when it revealed both its second- and third-generation electric vehicles (EVs) at an event earlier this month. After a short-lived bounce in the stock following that announcement, the stock lost its momentum and is still down by more than 50% in 2024.

Today, though, Piper Sandler analyst Alexander Potter upgraded Rivian stock to a buy rating from a prior hold recommendation. He also bumped his price target from $15 to $21 per share. That caused the stock to jump Friday as the new price target represents a nearly 100% rise in the shares.

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Source Fool.com