Wedbush analyst Daniel Ives maintained Rivian Automotive Inc (NASDAQ: RIVN ) with an Outperform and raised the price target from $30 to $40.
After brutal production woes since its IPO, the Rivian story is finally starting to turn the corner, with positive supply news heading into the second half of 2023.
Rivian announced production of 4,401 units and deliveries at 4,467 units, above Street consensus after the malaise seen over the past nine months.
Rivian management reiterated that the company is on track to meet the guidance of 25,000 vehicles produced in 2022, a crucial barometer with the reiteration of FY22 production guidance.
He believes Rivian has begun gaining some Street credibility as they ...
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