4 big analyst picks: Rivian sheds Underperform rating on upbeat headlines
Investing.com | Author Davit Kirakosyan
Published Jul 06, 2023 05:16AM ET
Here is your Pro Recap of the biggest analyst picks you may have missed since yesterday: upgrades at Rivian Automotive, Advanced Micro Devices, Transocean, and Simon Property Group.
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Rivian upgraded at DA Davidson/h2
DA Davidson upgraded Rivian Automotive (NASDAQ:RIVN) to Neutral from Underperform and raised its price target to $18.00 from $11.00 amid a series of positive news surrounding the company.
Shares gained more than 22% this week due to several positive catalysts, including better-than-expected Q2 deliveries, Amazon.com (NASDAQ:AMZN) deploying its first vans in Europe made by Rivian, marking its first commercial shipments outside the U.S., as well as the DA Davidson upgrade.
The firm said Rivian's entry into Europe with van deliveries was expected eventually, but that it came "far earlier than we anticipated." It added:
While 2Q deliveries were short of our model, they beat consensus expectations (a low bar, in our view). The recent ABRP acquisition adds new capabilities and valuable data as well.
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