BUZZ-Needham lifts Rivian's PT on self-driving plans; Morningstar starts coverage

Reuters12-12

BUZZ-Needham lifts <a href="https://laohu8.com/S/RIVN">Rivian</a>'s PT on self-driving plans; Morningstar starts coverage

** Brokerage Needham raises PT for EV maker Rivian Automotive RIVN.O to $23 from $14; Morningstar starts coverage with PT of $15

** Needham's PT implies an upside of ~40% to RIVN's last close of $16.43

** RIVN shares closed 6.1% lower on Thursday after its first Autonomy and AI Day where it debuted a new custom chip for self-driving and a paid self-driving technology package

** Needham says RIVN's AI and Autonomy Day strengthened its confidence in co's long-term autonomy plans and its unique advantages over traditional car makers

** RIVN is shifting from simply adopting autonomy like legacy automakers to using AI to build end-to-end autonomy, brokerage says

** Morningstar says Rivian will be successful in ramping up production of the R2 SUV and that its autonomy software will be a differentiator

** 10 of 30 brokerages covering the stock recommend "buy" or higher, 15 recommend "hold", while others recommend "sell"; stock has a median PT of $15 - LSEG

** Up to last close, RIVN had gained ~24% this year

(Reporting by Arnav Mishra and Akash Sriram in Bengaluru)

((Arnav.Mishra@thomsonreuters.com;))

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