Rivian stock price forecast: Baird analyst sees a 35% upside
Rivian Automotive Inc (NASDAQ: RIVN) is currently down 20% versus its year-to-date high but a Baird analyst is convinced that a full recovery is coming soon.
Rivian to report quarterly deliveries next weekCopy link to section
Ben Kallo expects the electric vehicles company to come in ahead of Street estimates as it reports its quarterly deliveries next week. His research note told clients today:
We see [Q3] deliveries as a near-term catalyst and expect sentiment to improve as [Rivian] continues to realise cost benefits from improving supply chain and use of in-house components.
Consensus is for the Nasdaq-listed firm to deliver 14,000 vehicles in its fiscal third quarter.
Kallo said underlying demand particularly for the “R1S” was keeping strong. The Baird analyst likes Rivian stock because he believes production is improving as well.
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Rivian stock could climb to $30Copy link to section
On Thursday, Ben Kallo dubbed Rivian stock a “fresh pick” and reiterated his $30 price target that suggests about a 35% upside from here.
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He expects the EV company to report $1.5 billion in sales for its third quarter – about a 37% sequential increase. All in all, Rivian Automotive is committed to producing 52,000 vehicles in total this year (source).
Interestingly, its peer Tesla Inc will likely come in shy of expectations for deliveries in its third quarter, as per the Baird analyst. The EV giant is also slated to report production and deliveries numbers next week.
Famed investor Jim Cramer commented on Kallo’s research note today on CNBC’s “Squawk on the Street”. Here’s what he said: