Rivian stock up 85% in two weeks could rally further: Wedbush’s Ives

Rivian Automotive Inc (NASDAQ: RIVN) could rally further on top of 85% that it has already gained over the past two weeks, says Dan Ives – a Wedbush Securities analyst.

Rivian stock has upside to $30

Ives maintained his “outperform” rating on the electric vehicles company in a recent note to clients and said its shares could hit $30 in the coming months.

The analyst is bullish on Rivian stock as he’s convinced that production and supplier issues that made things difficult over the past few quarters are now in the rearview mirror.

Rivian is making a major turn towards executing on its longer-term business mode. We strongly believe in its long-term story … making this a table pounder at current levels.

Earlier in July, the EV company reported better-than-expected deliveries for its fiscal second quarter (find out more).

Rivian’s EV vans have arrived in Europe

The Nasdaq-listed firm started delivering its RCV vans this week to Amazon in Europe, marking its entry into a new market.

Ives recommends buying Rivian stock also because the management recently reiterated its production guidance for 50,000 vehicles this year. In his research note, the analyst said:

It’s a solid step forward for Rivian in its efforts to deliver on expectations, putting it in great position to continue its production ramp while hammering in on cost optimization as one of its largest strategies.

Consensus is for Rivian Automotive Inc is to lose $1.45 per share in its current fiscal quarter versus $1.89 per share a year ago.