Rivian Automotive price target raised to $13 from $12 at DA Davidson

DA Davidson analyst Michael Shlisky raised the firm’s price target on Rivian Automotive (RIVN) to $13 from $12 and keeps a Neutral rating on the shares. The company may be seeing a flattish year at best for vehicle demand, but the Rivian is ramping up marketing to keep its brand top-of-mind when the R2 launches as well as capitalize on near-term R1S/R1T opportunities, the analyst tells investors in a research note. Rivian is also beginning to capitalize on the VW (VWAGY) partnership as well as multiple non-vehicle revenue streams, the firm adds.