Rivian Automotive, Inc. (NASDAQ:RIVN) stock has recently garnered considerable attention and positive reviews from sell-side analysts, who think the company is positioning itself as a formidable competitor to market leader Tesla, Inc. (NASDAQ: TSLA).
On Thursday, Needham analyst Chris Pierce increased the price target for Rivian’s stock. Maintaining a Buy rating on Rivian, Pierce raised the price target from $28 to $31, suggesting a 19% upside from the current levels. This marks a consecutive price adjustment, as the analyst had previously raised the price target from $26 to$28 in early July. Needham had also added the stock to its Conviction List during that period.
