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Rivian delivered 15,564 units in the third quarter, compared with Wall Street projections for about 14,000 deliveries, according to FactSet.
Justin Sullivan/Getty Images
Shares of the electric- truck start-up
Rivian Automotive
have enjoyed some positive momentum lately. One sign that the ride isn’t over is that the shares caught an upgrade just ahead of the company’s third-quarter delivery report, sending the stock higher to start the week.
Monday, Evercore ISI analyst Chris McNally upgraded Rivian stock (ticker: RIVN) to Buy From Hold. His price target is $35, up from $30.
Details weren’t immediately available to Barron’s yet. The broker didn’t respond to a request for a copy of the report early on Monday.
Accelerating production is one possible reason to be upbeat about the stock. The upgrade came just before the company reported third-quarter sales and production numbers.
Rivian delivered 15,564 units in the third quarter, compared with Wall Street projections for about 14,000 deliveries, according to FactSet. The company delivered 12,640 cars in the second quarter and 7,946 in the first for a first-half total of 20,586 units.
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