Analysts at Needham & Company maintained a Buy rating on Rivian Automotive (NASDAQ:RIVN), keeping the price target steady at $31.00. Following the third-quarter delivery numbers and a convertible debt offering that stirred significant volatility, the analysts hold their position, noting that the risk/reward ratio for the stock is particularly compelling since their initial coverage in March.
The optimism comes on the heels of Rivian’s consistent performance in the first half of 2023 and expectations of a robust third quarter. Moreover, current estimates for future performance don’t yet fully account for these improved figures. Notably, Rivian has been outpacing its counterparts in Needham’s EV OEM Used Vehicle Tracker, which is viewed as a positive sign for new vehicle demand.