Rivian (RIVN) Hits Record High on Analyst Bullish Rating, PT

We recently published 10 Firms Stealing the Show on Wall Street. Rivian Automotive, Inc. (NASDAQ:RIVN) is one of the best performers on Thursday.

Rivian Automotive ended two days of losses on Thursday to hit a new 52-week high as investors took path from an investment firm’s bullish rating and price target upgrade for the stock.

At intra-day trading, Rivian Automotive, Inc. (NASDAQ:RIVN) soared to its highest price of $20.33 before paring gains to finish the session just up by 15.03 percent at $20.28 apiece.

This followed a market report from investment firm Baird after upgrading the company to “buy” from “hold” as well as its price target to $25 from $14 previously.

The new price target marked a 23.27 percent upside potential from its latest closing price.

“2026 is the year of R2,” Bair said in its report, referring to the company’s second electric vehicle platform, adding that the new vehicle series could be a boost to the company’s brand and product demand.

Additionally, Baird said that Rivian Automotive, Inc.’s (NASDAQ:RIVN) work on autonomous driving, such as custom-designed microchips, is generally positive for the company’s competitiveness.

Rivian Automotive, Inc. (NASDAQ:RIVN) is an American company engaged in the production of electric adventure vehicles, including trucks and SUVs.

In the third quarter of the year, the company widened its net loss by 6.4 percent to $1.17 billion from $1.1 billion in the same period last year.

Revenues, on the other hand, surged by 78 percent to $1.5 billion from $874 million year-on-year.

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Disclosure: None. This article is originally published at Insider Monkey.