Rivian (NASDAQ:RIVN) stock is getting a boost on Thursday after the electric vehicle (EV) company’s shares got a new rating from Stifel.
Stifel initiated coverage of RIVN stock with a “buy” rating for the EV company’s shares. For the record, the analyst consensus rating for RIVN shares is moderate buy based on 21 opinions.
To go along with that new rating, Stifel set a price target of $23 per share for RIVN stock. That represents a potential upside of around 25% for the shares. Investors will note that the analyst consensus price prediction for RIVN shares is $28.48.
Why the Bear Rating for RIVN Stock?
Stifel analyst Stephen Gengaro said the following about RIVN in a note to clients obtained by CNBC:
“Electric vehicle sales have faced stiff headwinds recently, driven by both macroeconomic factors (high interest rates, inflation, and recessionary worries) as well as EV specific headwinds including range anxiety, vehicle costs, model availability, and charging infrastructure. We believe these EV hurdles will shrink over the next few years, paving the way for sales growth.”
RIVN stock is up 3.6% as of Thursday morning.
There’s more stock market news that traders are going to want to read about below!
We have all of the biggest stock market stories worth knowing about on Thursday! Among that is what has shares of ZyVersa Therapeutics (NASDAQ:ZVSA), Troika Media Group (NASDAQ:TRKA) and Altisource Asset Management (NYSEMKT:AAMC) stock moving today. All of that news is ready to go at the following links!
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- Why Is Altisource Asset Management (AAMC) Stock Up 24% Today?
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.
