Why Rivian Stock Gained While the Market Slumped Today

Investors might have been a collectively gloomy bunch on Tuesday, but they ended up being positive about the future of electric vehicle (EV) maker Rivian Automotive (NASDAQ: RIVN). On the back of a new and bullish analyst note, they traded the stock up by almost 2% during the day. That was in marked contrast to the general trajectory of equities, reflected in the S&P 500 index's 1.1% decrease. The analyst behind the positive note was Benchmark's Mickey Legg, who that morning reiterated his existing buy recommendation on Rivian and his $18 per-share price target. That level is a robust 61% above the stock's most recent closing price. According to reports, Legg's justification comes from what he feels is Rivian's good access to capital. After all, vehicle manufacturing is capital intensive and the company is habitually loss-making. The pundit also waxed bullish about the company's R2, the next-generation SUV platform it aims to debut in 2026. Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool