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Wall Street sets Rivian stock price for the next 12 months

Wall Street sets Rivian stock price for the next 12 months
Elmaz Sabovic

The beginning of the year could have been more promising for the electric vehicle (EV) industry, with major players like Tesla (NASDAQ: TSLA) and Rivian (NASDAQ: RIVN) experiencing significant losses since January 1. However, there is a glimmer of hope on the horizon. 

Specifically, Rivian’s stock saw a notable surge of 13.42% following the announcement of its new R2 model. This model is strategically designed to target a portion of the market currently unexploited by its main US competitor, Tesla.

However, on February 21, Rivian announced its fourth-quarter and full-year 2023 results. While it reported robust revenue growth of 167% for the year and met guidance, it fell short in other key areas. Rivian posted a higher-than-expected net loss of $1.58 per share compared to $1.35 per share anticipated.

Additionally, its 2024 production guidance of just 57,000 vehicles missed sell-side forecasts, hinting at less impressive revenue growth ahead.

RIVN stock price chart

At the previous close on March 7, RIVN stock was priced at $12.51, following a remarkable 13.42% surge in a single trading session and an 11.90% rise over the past five trading days. 

However, the monthly and year-to-date (YTD) charts reveal losses of -22.35% and -40.71% respectively.

RIVN YTD stock price chart. Source: Google Finance
RIVN YTD stock price chart. Source: Google Finance

Wall Street RIVN stock forecast 

Wall Street remains hesitant about electric vehicle stocks. Nonetheless, Rivian has encountered fewer challenges than its competitors. The recent announcement of the R2 model has garnered a more favorable response from TradingView analysts, who, based on 29 evaluations, have assigned a ‘buy’ rating to this stock. 

Of these, 14 recommended a ‘strong buy,’ two suggested a ‘buy,’ nine advised to ‘hold,’ one recommended to ‘sell,’ and three proposed a ‘strong sell.’

The average price target for RIVN stock is $17.22, indicating a further upside potential of 37.65% from the current level.

Analyst target for RIVN stock. Source: TradingView
Analyst target for RIVN stock. Source: TradingView

Could cost-cutting measures increase the appeal of RIVN stock?

Rivian is changing course by canceling its plans to construct a new multibillion-dollar factory in Georgia. This sudden reversal aims to reduce costs as the company gears up to introduce a more affordable electric vehicle.

This decision will save Rivian more than $2.25 billion in capital expenditures.

The retreat follows Rivian’s announcement two weeks ago of job cuts and a decision to maintain production levels for the year, which fell far below expectations. This move triggered a significant selloff in the company’s shares.

Only time will tell whether these cost-cutting measures will prove effective and help Rivian find its footing.

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