We recently published
10 Stocks Jim Cramer Talked About. Rivian Automotive, Inc. (NASDAQ:RIVN) is one of the stocks Jim Cramer discussed recently.
Rivian Automotive, Inc. (NASDAQ:RIVN) is a California-based electric vehicle company. The firm’s shares saw quite a bit of action last week after Goldman Sachs increased its share price target on December 12th. Rivian Automotive, Inc. (NASDAQ:RIVN)’s shares closed 12% the day of Goldman’s coverage. After Goldman Sachs, Evercore ISI joined in and reiterated an Outperform rating and an $18 share price target on December 15th. Evercore explained that Rivian Automotive, Inc. (NASDAQ:RIVN) appears to be heading in the right direction with its autonomous driving platform. The investment bank added that the firm’s decision to build its in-house chip could accelerate autonomous driving and reduce long-term costs, particularly due to a lower reliance on NVIDIA’s products. The latest analyst coverage for Rivian Automotive, Inc. (NASDAQ:RIVN) came after Baird raised the share price target to $25 from $14 and bumped the rating to Outperform from Neutral. As per Baird, the R2 upgrade cycle, coupled with custom chips, paints an optimistic picture for the firm. However, Cramer disagrees with the analysts as he briefly commented:
“Rivian I feel was fatuous, they need to raise money as far as I’m concerned.”
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READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.
Disclosure: None. This article is originally published at
Insider Monkey.
