Rivian (NASDAQ:RIVN) stock is driving higher on Friday as a new analyst price prediction pegs the shares for massive growth.
Morgan Stanley analyst Adam Jonas is behind today’s news with a new price prediction for Rivian stock. According to the analyst, investors could see RIVN stock jump to $147 per share. That represents a potential 160% upside for the stock.
Jonas believes that the price of RIVN stock is currently depressed and should be much higher. It’s worth noting that the analyst has also been bullish on rival electric vehicle (EV) Tesla (NASDAQ:TSLA).
Here’s what the Morgan Stanley analyst said about the RIVN stock price prediction in a note obtained by Yahoo Finance!
“While Rivian is at a far earlier stage in its industrial journey than Tesla, we do not see this company as just a ‘concept stock’ either. The road to ramping production will be choppy, but we expect largely due to supply rather than demand.”
The new price prediction for Rivian stock comes at a time when EV stocks have been taking a beating. Several big names, such as Lucid (NASDAQ:LCID), and Nio (NYSE:NIO), are heading lower lately. Tesla even put out a mixed earnings report this week that didn’t help matters.
Even so, the EV market continues to be a hot subject for investors and that could lead to more growth down the line. While the current stock market is slipping, that could just mean now’s the right time to invest before a return to normal.
RIVN stock is up 2% as of Friday morning.
There’s more stock market news worth looking into below!
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On the date of publication, William White 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.