Wells Fargo Raises Rivian Stock (RIVN) Price Target to $18 Per Share
Wells Fargo increased Rivian’s (NASDAQ:RIVN) price target from $10 to $18 per share after the electric vehicle (EV) automaker announced strong delivery numbers for Q2 2024. Wells Fargo also maintained its “equal weight” rating on RIVN.
“Rivian’s Q2 deliveries of about 13,800 beat [the] guide of about 13,200,” commented Wells Fargo analyst Colin Langan.
Rivian’s Q2 2024 delivery results provided Langan with a positive outlook on the company’s upcoming R2 platform. Wells Fargo’s optimism about Rivian’s future is partially due to the company’s slightly better projected EBITDA loss for the second quarter.
Rivian estimates an EBITDA loss of $757 million in Q2 2024. In comparison, consensus on FactSet predicts an $859 million loss for Rivian in the second quarter.
Besides Wells Fargo, Morgan Stanley also raised Rivian’s price target from $13 to $18, citing higher margin expectations and reduced operational expenditures. Despite the price increase, however, Morgan Stanley analyst Adam Jonas believes Rivian would perform better as a Tier 1 supplier rather than an electric vehicle maker.
As of writing, Rivian stock is trading at $17.19 per share.
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