Analyst Chris McNally upgraded Rivian Automotive to outperform from in line and raised his price target to $35.
Electric vehicle maker Rivian Automotive could be the "next Tesla," according to Evercore ISI. Analyst Chris McNally upgraded the stock to outperform from in line. He hiked his price target by $5 to $35, which implies shares could jump about 44.2% over the next 12 months. "RIVN has a brand that has stuck the US landing, and most importantly, within segments everyone already wants ," McNally said in a Monday note.
"We believe outside of Tesla & BYD, Rivian is the only OEM showing increased evidence of meeting all 3 criteria," McNally said. In the next six months, Rivian could see its stock price boom as its production ramp reaches more than 80,000 units, as the company approaches break-even gross margin in the second quarter of next year, and with the reveal of Rivian's mid-size CUV/SUV platform R2 in the first half of 2024.
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