Rivian Automotive, Inc. (RIVN) surged 5.04% during intraday trading on Friday, continuing its positive momentum as investors reacted to the company's robust quarterly results and a series of bullish analyst revisions.
The rally was fueled by Rivian's impressive Q2 earnings report, which saw revenue climb 27% year-over-year to $1.66 billion, handily beating the consensus estimate of $1.52 billion. The company also posted a narrower-than-expected loss per share of -$0.63 compared to the projected -$0.74, while gross profit turned positive. Looking ahead, Rivian raised its full-year delivery guidance to 65,000-70,000 vehicles and narrowed its adjusted EBITDA loss forecast, signaling improved operational efficiency and a stronger growth trajectory.
Adding to the bullish sentiment, multiple Wall Street analysts upgraded their ratings and price targets following the earnings release. RBC raised its target to $16, Deutsche Bank maintained a Buy rating with a $24 target, and Piper Sandler upgraded the stock to Overweight with a $20 target, highlighting Rivian's vertical integration advantage. The recent start of R2 SUV deliveries in June also marked a key milestone in the company's product expansion strategy.
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