Baird Reiterates Outperform on Rivian, $23 PT
Baird analyst Ben Kallo reiterated an Outperform rating and $23.00 price target on Rivian Automotive Inc (NASDAQ: RIVN).
“Deliveries beat consensus – no change in our positive outlook. RIVN reported Q2 deliveries which beat consensus and slightly missed our Street-high figure while growing nearly 14% y/y.
Q2 also marked the launch of the R2 with deliveries now ramping through the remainder of the year. RIVN also raised its full-year delivery outlook by 3K at the midpoint.
We are updating our model to reflect the Q2 deliveries figure and reiterate our Outperform rating.
RIVN will report full Q2 results after the close on Thursday, July 30.”
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