Rivian Stock Debuts on Wall Street
23 Analysts Forecast Average Target of $173
Based on short-term targets, the average price target stands at $164.3
Rivian Automotive, the electric vehicle maker backed by Amazon and Ford, made its Wall Street debut on Wednesday, surrounded by mania that befits a company seen as a major player in the automotive industry's transition to electric vehicles.
Analysts are generally bullish on Rivian's prospects, with the average 12-month price target set at $173 among 23 analysts. This suggests that analysts see significant upside potential in the stock. However, the short-term price targets offered by 21 analysts paint a more cautious picture, with an average target of $164.3.
Rivian reported a larger-than-expected loss in its third-quarter financial results, but it also provided some much-needed assurance to investors by reaffirming its production targets. This helped to soothe concerns that had weighed on the stock in recent months.
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