RIVN Stock Alert: This Analyst Thinks Rivian Can Exceed 2023 Estimates

InvestorPlace2023-07-20

Rivian Automotive (RIVN) stock rose on new analyst coverage.Mizuho analysts increased the shares’ price target to $30 each.This comes as the firm expects RIVN to surpass 2023 electric vehicle (EV) ...

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For the record, the analysts’ consensus price prediction for RIVN is $27.11 per share. Also, the Mizuho price target represents a potential 21.5% upside for the stock.To go along with this price target increase, Rakesh also reiterated a “buy” rating for the EV company’s shares. To put that in perspective, the analysts’ consensus rating for RIVN is “moderate buy” based on 16 analysts’ opinions.What’s Behind the Bullish RIVN Stock RatingAccording to the Mizuho analyst, Rivian Automotive has the potential to surpass estimates in 2023. The firm notes that strong momentum in the first half of the year could see its EV deliveries come in above expectations.Here’s a portion of Rakesh’s note to clients, as obtained by MarketWatch:“After a strong start to the year, we see potential for strong auto sales momentum, specifically for EV, despite headwinds from a stretched consumer and high interest rates.”","kind":null,"is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":4,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.2","shortVersion":"4.29.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/1113724085"}