EV manufacturer Rivian (NASDAQ: RIVN) was up in trading on Tuesday after it was upgraded by UBS analyst Joseph Spak from Hold to Buy. The analyst sees a buying opportunity in the stock’s dip as it has slid by more than 15% in the past month. Spak also approved of the company’s $1.5 billion convertible note offering.
Maximize Your Portfolio with Data Driven Insights:
- Leverage the power of TipRanks' Smart Score, a data-driven tool to help you uncover top performing stocks and make informed investment decisions.
- Monitor your stock picks and compare them to top Wall Street Analysts' recommendations with Your Smart Portfolio
The analyst was optimistic about the company’s improving fundamentals and cited reduced concerns about production. Spak believes that Rivian is burning cash at a slower rate and anticipates a positive gross margin in Q4 2024, which could prove to be a catalyst for the stock.
However, he lowered the price target to $24 from $26, thus implying an upside potential of 23.3% from current levels.
Is Rivian a Buy, Sell, or Hold?
Overall, analysts are cautiously optimistic about RIVN stock with a Moderate Buy consensus rating based on 14 Buys, six Holds, and one Sell.
