Electric vehicle stock Rivian (NASDAQ:RIVN) received a boost as analyst Ben Kallo of Robert W. Baird labeled it a “fresh pick” and predicted that it would surpass previous delivery projections. This positive sentiment caused Rivian shares to rise by over 6.5% in Tuesday’s trading session. However, Kallo had a less optimistic outlook for Tesla (NASDAQ:TSLA), another EV rival, projecting lower delivery numbers compared to the consensus figures from FactSet. Despite this, Rivian garnered attention for its partnership with Apocalypse Manufacturing and SoFlo Customs to create a lifted version of the Rivian R1T, impressing pickup enthusiasts and potentially expanding its market appeal.
The recognition from Baird analyst Ben Kallo, labeling Rivian as a “fresh pick,” has reignited investor interest and driven up the company’s stock. Despite being less optimistic about Tesla, Kallo’s projections regarding Rivian’s delivery numbers have positioned the EV company to outperform previous expectations. Additionally, Rivian’s collaboration with Apocalypse Manufacturing and SoFlo Customs to produce a lifted version of its R1T pickup truck has generated excitement among pickup enthusiasts. The extensive modifications made to the truck have resulted in a visually impressive outcome, potentially attracting a broader consumer base.
Overall, analyst sentiment towards Rivian has been largely positive, with 12 Buy ratings, seven Hold ratings, and one Sell rating. This consensus rating of Moderate Buy, combined with an average price target of $28.20, implies an upside potential of 24.78%. Rivian’s growing recognition and promising developments position it as a strong contender in the electric vehicle market.