Rivian Automotive Inc (RIVN) Production Beat is a Small Step Toward Rebuilding Confidence - RBC Capital

April 6, 2022 6:22 AM EDT
Get Alerts RIVN Hot Sheet
Price: $36.42 --0%

Rating Summary:
    12 Buy, 6 Hold, 1 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 8 | Down: 23 | New: 34
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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."

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 $42.19 yesterday.

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