Rivian Stock Continues Rally, Hits Highest Level Since December 2023

Deep News12-20

Shares of electric vehicle maker Rivian Automotive, Inc. (RIVN) surged 9.94% in late trading on Friday, reaching their highest level since December 2023. The stock is poised for a second consecutive session of double-digit gains as bullish investors piled in following analyst upgrades.

Wedbush analyst Dan Ives raised his price target for Rivian by 56% to $25 in a report early Friday. He stated that 2026 would be a "prove-it" year for the automaker, with its lower-cost R2 model slated for launch in the first half of the year.

Prior to Ives' report, Baird also issued an optimistic analysis on Thursday, similarly raising Rivian's price target to $25.

If Friday's gains hold, this would mark Rivian's third double-digit rally in the past six trading sessions. The upward momentum began after the company's "AI Day" event, where Rivian detailed autonomous driving technology updates and previewed its robotaxi plans.

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