Shares of Rivian Automative (NASDAQ:RIVN) are trading higher this morning, and for good reason. MotorTrend, a popular car magazine and reviewer, announced that the winner for the 2022 MotorTrend Truck of the Year is the Rivian R1T. Notably, MotorTrend claims that the R1T is “the most remarkable pickup truck we’ve ever driven,” beating out other pickup trucks from competitors like Ford (NYSE:F) and General Motors (NYSE:GM).
So, what makes Rivian’s pickup so special?
The magazine touts the R1T’s exceptional range, quality design, performance and safety features. Additionally, the R1T scored high in six key criteria: safety, efficiency, value, advancement in design, engineering excellence and performance of intended function. MotorTrend commented that:
“By rethinking how a pickup truck can be built, how it can be propelled, how it can drive, how its spaces might be used, how we could interact with it, and how to expand its target demographic, Rivian has forced both the industry and the market to reassess expectations. The R1T, however, is not just an intellectual exercise; it is at its core a good truck by traditional definitions, too.”
Rivian’s R1T victory comes after Lucid Motors (NASDQ:LCID) won MotorTrend’s 2022 Car of the Year award with its Lucid Air model.
Where will Rivian stock go after this victory? Let’s take a look at some RIVN price predictions.
RIVN Stock Price Predictions: How High Can Rivian Climb?
It seems that MotorTrend isn’t the only one that thinks Rivian’s R1T is a game-changer. Renowned Wedbush analyst Daniel Ives feels the same, recently setting a $130 price target for RIVN stock. He commented that:
“Rivian is set to create a new category in the EV space with its game-changing debuts, a massive Normal, Illinois factory footprint, and create a major brand within the EV market over the next decade.”
So, how do other analysts feel about Rivian’s future potential? Let’s take a look at where Wall Street believes Rivian should be priced.
- Bank of America has a Wall Street high price target of $170. Analyst John Murphy believes Rivian’s products, technology and management team “go beyond the tip of the iceberg.” Notably, Murphy tested the R1T and appreciated its performance.
- Morgan Stanley has a price target of $147. Analyst Adam Jonas cites Rivian’s competent management team, access to capital and a wide range of exceptional products. Furthermore, he touts Rivian as “‘the one’ that can challenge Tesla.”
- Deutsche Bank has a price target of $130. Analyst Emmanuel Rosner praised Rivian’s relationship with Amazon (NASDAQ:AMZN) and noted that “Rivian’s flexible EV architecture supports a rapid cadence of vehicle launches for both personal and commercial applications.”
- JP Morgan has a price target of $104. This implies a downside of 10% from current prices. Indeed, analyst Ryan Brinkman is taking a more cautious view of the EV maker. Additionally, he believes potential developments are already priced in.
On the date of publication, Eddie Pan did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
