Rivian (NASDAQ:RIVN) enjoyed some excellent momentum last week, and things don’t seem to be slowing down. After Volkswagen (OTCMKTS:VWAGY) announced plans to make a significant investment in the electric vehicle (EV) producer, RIVN stock surged almost instantly.
Wall Street sentiment towards the company also rose as analysts began to issue bullish takes on the stock. Now, even more experts are expressing optimism that this growth trend will continue as RIVN stock continues trending upward. And one analyst recently issued a price prediction that implies significant upside potential for this growing EV leader.
What’s Happening With RIVN Stock
Despite some volatility, RIVN stock remains in the green today and is currently on an upward trajectory. As of this writing, it is up over 6% for the day and looks primed to continue rising. Rivian’s rally has sparked momentum for plenty of other EV stocks, many of whom are still in the green this week. But Rivian is now benefitting from increasingly positive sentiments, some of which are quite high. George Gianarikas of Canaccord Genuity recently increased his RIVN stock price target from $20 to $30:
“Often, the true significance of a momentous meeting or union only becomes clear with the benefit of hindsight,” the analyst states. “Washington meeting Hamilton. Nixon meeting Mao. Harry meeting Sally. We do not think it’s overstating the case to describe Rivian’s VW partnership as monumental. An underappreciated game-changer of a transaction. After the recent analyst day, we are reiterating our BUY rating and raising our price target from $20 to $30 to reflect this view.’
He also notes that this firm is “taking this opportunity to help redefine Rivian. Reeducate. Reestablish who Rivian is and could be.” And his team clearly thinks RIVN stock could be a breakout sensation in the coming year. Gianarikas’ price target implies upside potential of more than 114%.
Several other Wall Street analysts, including Dan Ives of Wedbush Securities, have issued bullish takes on RIVN stock lately. However, investors should take a macro perspective when it comes to Rivian. The company is emerging as a strong Wall Street favorite, and it is poised to keep growing as new funding from Volkswagen starts to flow.
On the date of publication, Samuel O’Brient 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.
On the date of publication, the responsible editor did not have (either directly or indirectly) any positions in the securities mentioned in this article.
