Rivian Automotive Stock Gains 6% Following DA Davidson Upgrade
<p>DA Davidson analysts upgraded <a href='https://financialmodelingprep.com/financial-summary/RIVN'>Rivian Automotive (NASDAQ:RIVN)</a> to Neutral from Underperform and raised their price target to $18.00 from $11.00. As a result, shares surged more than 6% pre-market today.</p>
<p>The analysts noted that the shift in headlines surrounding Rivian has become more positive, prompting the upgrade. The analysts highlighted Rivian's upcoming entry into the European market with its delivery van, which is earlier than expected. </p>
<p>Despite Rivian falling short of DA Davidson’s Q2 delivery expectations, it still exceeded consensus estimates. Furthermore, the analysts mentioned that the recent acquisition of ABRP also adds new capabilities and valuable data to the company.</p>
<p>However, the analysts advised caution due to potential competition from legacy automakers introducing new electric vehicle products, such as the Mercedes EQB and the forthcoming Escalade IQ. </p>

NASDAQ:RIVN