Rivian Only EV Maker That Makes The Cut For Bullish Recommendation
The EV Analyst: Chris Pierce reiterated a Buy rating and $25 price target for Rivian, which also remained in Needham’s “Conviction List” stocks.
The analyst downgraded $Lucid Group (LCID.US)$ stock from Buy to Hold. The firm also has Hold ratings on $Tesla (TSLA.US)$ and $Fisker (FSR.US)$ .
Underappreciated Winner: Rivian continues to look like an underappreciated winner in the ICE to EV transition amid increasingly negative sentiment towards broad EV adoption,” said Pierce in a note. He added that Needham’s latest round of used-EV price checks pointed toward strong demand for Rivian instead of excess supply across the broader industry.
“RIVN is now our only Buy-rated stock across our EV OEM coverage,” Pierce said. He attributed his lukewarm sentiment toward other EV makers to higher uncertainty around demand and/or production.
The analyst downgraded $Lucid Group (LCID.US)$ stock from Buy to Hold. The firm also has Hold ratings on $Tesla (TSLA.US)$ and $Fisker (FSR.US)$ .
Underappreciated Winner: Rivian continues to look like an underappreciated winner in the ICE to EV transition amid increasingly negative sentiment towards broad EV adoption,” said Pierce in a note. He added that Needham’s latest round of used-EV price checks pointed toward strong demand for Rivian instead of excess supply across the broader industry.
“RIVN is now our only Buy-rated stock across our EV OEM coverage,” Pierce said. He attributed his lukewarm sentiment toward other EV makers to higher uncertainty around demand and/or production.
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