AAL

Analyst: Rivian Stock Sports Strong Entry Point

RIVN is facing off with its year-to-date breakeven level

Deputy Editor
Oct 10, 2023 at 9:07 AM
facebook X logo linkedin


After shedding 22.1% last week on the heels of a $1.5 billion capital raise, the shares of electric vehicle (EV) firm Rivian Automotive Inc (NASDAQ:RIVN) are up more than 2.5% premarket after a bull note from UBS.

The Wall Street analyst upgraded RIVN to "buy" from "neutral" but cut its price target to $24 from $26. Noting the post-selloff buying opportunity, the brokerage praised the EV company's improving fundamentals and potential for even more upside. 

Though the stock sports a marginal 1.9% year-to-date lead, the majority of analysts still call Rivian stock a "buy" or "strong buy." However, the current 12-month consensus target price of $28.91 standing at a 50.1% premium to last night's close.

Over the last six months, RIVN has added 26.8%

Shorter-term, the stock is testing its 200-day trendline, a moving average that stepped up as support back in August. The equity's annual late-July highs were capped by the $28 level, an area just below UBS' new price objective. 

 

Two High-Octane Trade Ideas. One Simple Goal: Intraday Profits.

Dynamite Day Trading Signals delivers two same-day options trades every week — powered by proprietary intraday analysis and 43+ years of trading expertise.

But this isn’t just another stream of alerts.

It’s a structured plan with clear entry and exit points – designed for traders who want to act fast, trade smart, and wrap up gains before the closing bell.

No guesswork. No overnight exposure – Just two well-researched setups per week — whether you prefer buying premium or selling it.

And the results speak for themselves: subscribers have locked in +245.8% total profit over the last six months (since inception!).

👉 Start your one-month trial now for just $10, and be ready for the next trade alert.