Rivian ‘finally starting to turn the corner’ says Wedbush, raising EV maker’s price target

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Rivian Automotive Inc. RIVN, +1.14% is starting to overcome the production issues that have beset the company in recent months, according to Wedbush analyst Dan Ives. The electric vehicle maker, which went public last year, is “finally starting to get their act together and live up to some of the massive hype for the company coming out of the gates,” he wrote, in a note released Friday. Ives highlighted Rivian’s second-quarter deliveries and production data, which it reported on Wednesday. “After brutal production woes since its IPO it appears the Rivian story is now finally starting to turn the corner (slowly but surely) with positive supply news heading into 2H/2023,” he wrote. “Rivian announced production of 4,401 units and deliveries coming in at 4,467 units, which were both above Street consensus and a much needed confidence boost for the story after the malaise seen over the past 9 months.” Ives also noted that Rivian’s management reiterated that the company is on track to meet guidance of 25,000 vehicles produced in 2022. Set against this backdrop, Wedbush raised its Rivian stock price target to $40 from $30. Rivian’s stock is down 69.5% this year, outpacing the S&P 500’s SPX, -0.08% 17.5% decline, but ended Thursday’s session up 6.6%.

This article was originally published by Marketwatch.com. Read the original article here.

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