Rivian Automotive (NASDAQ:RIVN) stock is in the news Tuesday after an analyst released a positive outlook for the electric vehicle (EV) company.
Baird analyst Ben Kallo is behind today’s news, as he expects Rivian to perform better than expected during the third quarter of the year. The analyst specifically pointed to strong deliveries that will outdo weak estimates from other experts.
While Kallo doesn’t say how many EVs he expects the company to deliver in Q3, we can look at other estimates. The current consensus delivery estimate for Rivian EVs is sitting at about 14,000 units. For the record, prior estimates placed that number at around 15,000 units.
The Baird analyst said the following about RIVN in a note to clients obtained by Barron’s:
“Concerns regarding third-party reports of weakening demand have led to recent weakness in the stock and we believe underlying demand remains strong with production improving.”
RIVN Stock Ratings
Kallo holds a “buy” equivalent rating for RIVN stock with a price target sitting at $30 per share. That price target represents a potential upside of 42% compared to yesterday’s close. To put this in perspective, the analyst consensus rating and price prediction for RIVN is a moderate buy and a target of $29.15 per share.
RIVN stock is up 5.6% as of Tuesday morning. This comes with some 11 million shares traded, as compared to a daily average of around 48 million shares.
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On the date of publication, William White did not hold (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.
