UPDATE: Piper Sandler Starts Rivian Automotive Inc (RIVN) at Overweight

Piper Sandler analyst Alexander Potter initiates coverage on Rivian Automotive Inc (NASDAQ: RIVN) with a Overweight rating and a price target of $148.00.

The analyst comments "We are initiating coverage with an Overweight rating and a DCF-based price target of $148 (implying 40% upside potential). Lots of companies say they intend to replicate Tesla's success, but in our view, most of these companies will fail. This is because they rely too heavily on supply chain partners, and they lack the expertise (and the courage) to develop their own software, semiconductors, batteries, charging networks, and direct-to-consumer business models. Rivian's management team understands this, and as a result, has chosen to exploit the advantages of vertical integration. Until the supply chain matures, we think companies using this strategy will have the upper hand."

For an analyst ratings summary and ratings history on Rivian Automotive Inc click here. For more ratings news on Rivian Automotive Inc click here.

Shares of Rivian Automotive Inc closed at $97.81 yesterday.

You May Also Be Interested In

• Seaport Global Securities Starts ADI Global Distribution (ADIG) at Buy
• Evercore ISI Starts Alvotech SA (ALVO) at Outperform
• BMO Capital Reiterates Outperform Rating on Netflix (NFLX), Advertising Seen As a Key Lever