Rivian Automotive Inc (RIVN) Production Beat is a Small Step Toward Rebuilding Confidence - RBC Capital
- Stocks gain, shrugging off latest policymaker inflation concerns
- Cisco (CSCO) Gains as Results, Guidance Signal Supply Constraints are Easing
- This Indicator Signals Apple (AAPL) Stock Could Hit $230 - Bank of America
- Kohl's (KSS) Tumbles on Soft Results and Slashed Guidance
- Analysts Slam Bed Bath & Beyond (BBBY) as Ryan Cohen's Move Removes 'Key Support Leg'
News and research before you hear about it on CNBC and others. Claim your 1-week free trial to StreetInsider Premium here.
RBC Capital analyst Joseph Spak reiterated an Outperform rating and $100.00 price target on Rivian Automotive Inc (NASDAQ: RIVN) after the company reported stronger than expected 1Q22 production of 2,553 vehicles, above the 2,370 forecast.
The analyst stated "We previewed production at Rivian's Normal IL plant improving and it did. Recall, our proprietary data showed that it was likely that production was ramping above the extrapolated ~2.4k vehicles (at March 8 production quarter-to-date was 1,410 and RIVN was producing at an estimated rate of ~320/week). However, because ramps are tricky and we are still gaining confidence in the data we stuck to the extrapolated rate. The 2,553 vehicles produced in the quarter suggests that over the last 23 days of the quarter, the production rate was ~348/week, so additional improvement is being made."
Shares of Rivian Automotive Inc closed at $42.19 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Cresco Labs Inc. (CL:CN) (CRLBF) PT Lowered to Cdn$8 at Canaccord Genuity
- National Bank of Canada (NA:CN) (NTIOF) PT Lowered to Cdn$101 at Canaccord Genuity
- Superior Gold Inc. (SGI:CN) (SUPGF) PT Lowered to Cdn$1.25 at BMO Capital
Create E-mail Alert Related CategoriesAnalyst Comments
Related EntitiesRBC Capital
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!