Written by Cláudio Afonso | info@claudio-afonso.com
Deutsche Bank analyst Emmanuel Rosner maintained on Thursday the firm’s Buy rating on Rivian Automotive lowering the price target from $91 to $90. Three months after initiating coverage on the company shares, the analyst had decreased the firm’s price target from $130 to $91.
Yesterday, Rivian shares closed 6.82% lower at $33.76 per share reaching a new all time low at $33.38. Based on the last closing price, Deutsche Bank’s new price target implies an upside potential of 167%.
The company will report its financial results on May 11, 2022, after market close. Rivian will host an audio webcast to discuss its results and provide a business update at 2:00pm PT / 5:00pm ET the same day.
Earlier this week, Mizuho Securities analyst Vijay Rakesh lowered the firm’s price target on Rivian shares to $90 from $95 while maintaining a Buy rating. The company will report its financial results on May 11, 2022, after market close. Also Piper Sandler analyst Alexander Potter lowered on Monday its price target on Rivian shares to $112 from $130. The analyst maintained an Overweight rating saying that also Tesla had to surpass the same obstacles to escalate the production. Potter noted that Rivian seems singularly aware of what it takes to be the “Next Tesla”.
Recently, Rivian CEO RJ Scaringe warned that the shortage of electric vehicles batteries can affect the auto industry soon being a challenge that “could surpass the current computer-chip shortage”. Auto makers have been facing limited supplies of raw materials like cobalt, lithium and nickel that are fundamental when making a battery.
The company announced last week the hiring of Anisa Kamadoli Costa as the company’s Chief Sustainability Officer, effective April 18, 2022. Previously, Anisa was Chief Sustainability Officer at Tiffany & Co. and Chairman and President of the Tiffany & Co. Foundation.
Written by Cláudio Afonso | info@claudio-afonso.com