RBC analyst Tom Narayan raised his price target on the EV stock to $14 from $11. BofA analyst John Murphy issued positive research as well.
While the Volkswagen deal and cost-cutting plans are likely to drive Rivian's (RIVN) long-term growth, potential investors should wait for a better entry point, given near-term challenges.
Rivian and VW announced a joint project this week, with the former receiving $5 billion in investment. This allays investor concerns about the EV maker — and consumer ones as well. When you buy a car, you want the company to stick around.