- Rivian Automotive (NASDAQ:RIVN) stock got a new price target from Morgan Stanley.
- This dropped it to $60 per share from $85 per share.
- It also comes with a reiterated “overweight” rating.
Rivian Automotive (NASDAQ:RIVN) stock is on the move today as Morgan Stanley cuts its price target for the electric vehicle (EV) company.
Morgan Stanley analyst Adam Jonas is behind today’s news as he dropped the firm’s price target for RIVN stock from $85 to $60. It’s worth pointing out that still represents potential 141% upside over the stock’s closing price on Monday.
Another thing to highlight from this is that it doesn’t include a new rating for RIVN stock. Jonas instead reiterated the “overweight” rating that the firm has for the shares. For the record, the consensus rating for RIVN is “buy.” That comes from 12 “buy” and six “hold” ratings.
The Morgan Stanley analysts also said the following about Rivian Automotive in a note obtained by CNBC.
“The November IPO saw RIVN spending plans meant for 1 to 2mm units of volume by end of decade. Fast forward 6 months and the company struggles to find parts to run even 1 full shift. The stock is trading at ~1x 2030 EV/EBITDA (vs. Tesla at 8x) leaving a favorable risk/reward skew keeping us OW.”
Today’s news has RIVN stock seeing a decent amount of trading with roughly 17 million shares on the move. For comparison, the EV company’s daily average trading volume is closer to 21.6 million shares.
RIVN stock is up 7.8% as of Tuesday afternoon. The stock is still down 73.9% year-to-date.
Investors seeking out more of the latest stock market news are in the right place!
We’ve got all the most recent stock news that traders need to get through the day! Among that is what has shares of Sea Limited (NYSE:SE) stock, Advanced Micro Devices (NASDAQ:AMD) stock, and Nano Dimension (NASDAQ:NNDM) stock rising higher today! You can learn all about these topics by following the links 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.