• Thu. Aug 18th, 2022

Rivian ‘finally starting to turn the corner,’ says Wedbush, raising EV maker’s price target

ByRandall B. Phelps

Jul 8, 2022

Rivian Automotive Inc. RIVN,
+3.17%
is beginning to overcome the production issues that have beset the company in recent months, according to Wedbush analyst Dan Ives. The electric vehicle maker, which went public last year, is “finally starting to pull itself together and live up to some of the massive hype for the company coming out of the gates,” he said. wrote in a note released Friday. Ives highlighted Rivian’s second-quarter shipments and production data, which he released on Wednesday. “After brutal production issues since its IPO, it looks like Rivian’s story is finally starting to turn the corner (slowly but surely) with positive supply news heading into 2H/2023,” said he wrote. “Rivian reported production of 4,401 units and shipments of 4,467 units, which was both above Street consensus and a much-needed confidence boost for the story after the malaise seen over the past 9 months. .” Ives also noted that Rivian management has reiterated that the company is on track to meet targets of 25,000 vehicles produced in 2022. Against this backdrop, Wedbush raised its Rivian share price target to $40. for $30. Rivian’s stock is down 69.5% this year, topping the SPX of the S&P 500,
+0.21%
Down 17.5%, but ended Thursday’s session up 6.6%.