Rivian Automotive (NASDAQ:RIVN) stock is climbing higher on Wednesday after the EV company’s shares got an upgrade from Mizuho analyst Vijay Rakesh.
The big news here is the Mizuho analyst increasing the price target for RIVN stock from $27 per share to $30 per share. For the record, the analysts’ consensus price prediction for RIVN is $27.11 per share. Also, the Mizuho price target represents a potential 21.5% upside for the stock.
To go along with this price target increase, Rakesh also reiterated a “buy” rating for the EV company’s shares. To put that in perspective, the analysts’ consensus rating for RIVN is “moderate buy” based on 16 analysts’ opinions.
What’s Behind the Bullish RIVN Stock Rating
According to the Mizuho analyst, Rivian Automotive has the potential to surpass estimates in 2023. The firm notes that strong momentum in the first half of the year could see its EV deliveries come in above expectations.
Here’s a portion of Rakesh’s note to clients, as obtained by MarketWatch:
“After a strong start to the year, we see potential for strong auto sales momentum, specifically for EV, despite headwinds from a stretched consumer and high interest rates.”
The increased price target for RIVN stock has the company’s shares up 3.6% as of Wednesday morning. With that comes some 20 million shares changing hands, as compared to its daily average of 42.1 million shares.
RIVN isn’t the only stock that investors will want to keep an eye on today!
There’s plenty of other stock market news that traders need to know about on Wednesday! Among that is what has shares of Qualcomm (NASDAQ:QCOM) stock, VMware (NYSE:VMW) stock, and Constellation Brands (NYSE:STZ) stock moving today. All of that news is ready to go at the links below!
More Wednesday Stock Market News
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
