Rivian Has Big EV Market Opportunity Ahead, Says Analyst

Wedbush analyst Daniel Ives reiterated an Outperform rating on the shares of Rivian Automotive Inc RIVN with a price target of $45.00.
The analyst said Rivian's deal with Mercedes-Benz last week on a joint venture to produce electric vans in a new electric-only manufacturing facility in Central or Eastern Europe is a smart strategic move by Rivian to penetrate Europe.
Ives said the deal would help Rivian ramp up the EDV platform's production to meet its long-term growth and profitability targets.
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RIVN has now placed itself well to navigate near-term supply chain headwinds while extending its brand exposure overseas, added the analyst.
While the deal expands its brand exposure to international customers, Rivian has a competitive advantage over the competition due to its financial backing from Amazon.Com, Inc. AMZN and its flagship 100,000 vehicle commercial delivery contract.
Ives believes Rivian is primed to capture the massive influx of current and future EV demand and has the potential to be a major EV stalwart over the next decade.
Price Action: RIVN shares are trading higher by 3.04% at $38.69 on the last check Monday.

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