Why Rivian Stock Surged Today
Rivian (NASDAQ: RIVN) stock stepped on the bullish pedal Monday. The electric vehicle (EV) specialist's share price ended the day's trading up 3.9%, according to data from S&P Global Market Intelligence.
With its share price down roughly 41% year to date, Rivian stock has struggled across the first half of 2024. But some analysts think that the sell-off has become overblown. Analysts at both RBC Capital and Canaccord raised their price targets on the stock today, and the positive momentum helped power its gains.
RBC Capital's Tom Narayan published a note on Rivian stock before the market opened this morning, maintaining a sector-perform rating on the stock. While the analyst maintained his overall rating on the stock, he did raise his one-year price target from $11 per share to $14 per share. Based on the stock's closing price today, that reflects an expectation that the EV specialist is accurately valued.
Source Fool.com
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