Rivian, an electric vehicle (EV) stock, has received positive news that has reignited investor interest. Analyst Ben Kallo from Robert W. Baird declared Rivian a “fresh pick,” stating that it is likely to outperform Wall Street’s delivery projections. This announcement has already caused Rivian shares to surge by over 6.5%. Meanwhile, although Kallo considers rival company Tesla a “top pick,” his delivery projections for Tesla fall below the consensus numbers from FactSet.
In addition to the positive analyst endorsement, recent reports have emerged about a lifted version of the Rivian R1T, an EV pickup truck. The collaboration between Apocalypse Manufacturing and SoFlo Customs has resulted in extensive modifications, including custom spindles and control arms. The end result is a visually impressive pickup truck that appeals to pickup enthusiasts, which may further boost Rivian’s popularity.
Analysts have generally been favorable towards Rivian, with 12 Buy ratings, seven Hold ratings, and one Sell rating, resulting in a Moderate Buy consensus. Furthermore, the average price target for Rivian stock is $28.20, indicating a potential upside of 24.78%.
Overall, the positive endorsement from an analyst, along with the impressive modifications made to the Rivian R1T, suggest a promising future for Rivian as an EV stock.